Submission Agreement Sample With Whereas Clauses In Orange
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The contract might start with a Whereas clause like this: 'Whereas, the parties wish to collaborate in the development of new technology...'. This Whereas clause is setting out the purpose of the contract: to set up a partnership for developing technology.
Option: This Agreement and each of its provisions shall be binding upon the Parties and may not be waived, modified, amended or altered except by in writing signed by the Parties.
What are some tips for writing easy-to-understand contract... Use plain language. Define key terms. Structure your clauses logically. Be specific and precise. Use examples and scenarios. Review and revise your clauses. Here's what else to consider.
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.
For instance: "In the event of any dispute arising out of or in connection with this Agreement, the parties shall first attempt to resolve the dispute through amicable negotiations within X days of written notice. If no resolution is reached through negotiations, the parties shall proceed to mediation..."
This clause was a mandatory one, in that it provided that any dispute “shall be resolved” in ance with its terms. It also provided for a sufficiently certain and enforceable process, that would result in a ruling from an adjudicator.
If you include an arbitration clause in your contract, you might want to specify the rules for the arbitration proceeding. You can be vague in your rules. For example, you can simply say that the arbitration is: binding.
The Scope of the Clause. This section of the clause is critical; it sets the boundaries for which disputes the tribunal is authorised to determine. Choice of Rules. The Number of Arbitrators. Appointing Authority. Choice of Venue. The language of the proceedings. Finality. Exclusion of the right of appeal.
We noted that arbitration clauses are made before any dispute arises. Submission agreements, however, are agreements to arbitrate made after the dispute has arisen.
So do you want an arbitration clause in your contract? If you're a large corporation, you do. If you're contracting with someone around your own size, it's probably a good idea to have an arbitration clause because of the decreased attorney fees usually associated with arbitrations as compared to court cases.