Submission Agreement Sample With Whereas Clauses In Fairfax
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Binding provisions are specific clauses within a contract that legally obligate the parties involved to adhere to certain terms and conditions. These provisions are enforceable by law, meaning that failure to comply can result in legal penalties or requirements to fulfill contractual obligations.
In a legal document, the word "whereas" is often used to introduce recitals or background information that provides context for the main provisions of the document. The recitals typically describe the parties to the agreement, their respective interests, and the purpose and context of the agreement.
Each “whereas” clause should begin with that word in bold and all caps, followed by a comma, followed by a finding or declaration of fact, followed by a semicolon, followed by either “AND” (if LastupdatedAugust2017 Page 2 Page2 there are more “whereas” clauses after the current one) or “NOW BE IT THEREFORE” ...
1 Use plain language. 2 Define key terms. 3 Structure your clauses logically. 4 Be specific and precise. 5 Use examples and scenarios. 6 Review and revise your clauses. 7 Here's what else to consider.
At the beginning of many contracts is a series of clauses beginning with “Whereas.” Besides giving us lawyers a chance to use a fancy word, these phrases actually have a purpose. They are called the “Recitals,” and they are used to provide context to the agreement.
A whereas clause is a statement that is used in legal documents, such as contracts or agreements, to provide background information or context for the document. It typically begins with the word "whereas" and is followed by a description of the situation or circumstances that led to the creation of the document.
Rule 1.110(303.3) 'Whereas' clause of contract is prefatory, not binding.
We noted that arbitration clauses are made before any dispute arises. Submission agreements, however, are agreements to arbitrate made after the dispute has arisen.
Whereas clauses help to define the context or background of the agreement, and they often appear at the very beginning of a contract. They usually explain the purpose or intent of the contract, describe the parties, or lay out important facts or assumptions.
A submission agreement will contain details of the dispute and the issues between the parties, and record that it is being referred to arbitration. It will then contain the same essential details as an arbitration clause, such as the legal seat and number of arbitrators.