This form provides boilerplate contract clauses that establish the allowable number and effectiveness of any counterparts to the contract agreement. Several different language options are included to suit individual needs and circumstances.
Iowa Negotiating and Drafting the Counterparts Provision
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FAQ
An employment contract usually includes: 'express terms' ? specific terms that are usually put in writing, for example the employee's pay or working hours. 'implied terms' ? for example, things that are so obvious they do not need to be written and terms that come from employment law.
A typical counterpart clause will look something like this: ?this agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original, but all counterparts together shall constitute a single agreement.?
An approach to executing a document that is intended to have legal effect between two or more parties, that involves each party signing a separate (but identical) copy of the document and then exchanging their signed document for the one that has been signed by the other party.
There are two parties in a contract: the promisee and the promisor. A promisor refers to the party that makes the promise, while a promisee is a party that receives the promise. The other party set to benefit from a contract is referred to as a third-party beneficiary.
Counterpart is a copy or duplicate of a legal instrument. Where an instrument, especially a contract, is signed by the parties on different copies, one of the copies is the original while the others are counterparts.
What does this mean? Answer: Executing a contract in counterparts is a very common practice that simply means that each party signs their own separate duplicate copy of the agreement rather than signing together on the same page of the same document.