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.
New Mexico Negotiating and Drafting the Counterparts Provision
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FAQ
An executed contract comes when a contract is fully signed. It is now legally binding. A business relationship is created ? and parties to the contract agree to fulfill legal obligations. Next, obligations are performed, compliance is upheld, and parties have the opportunity for contract renewals.
A counterparts clause states that the parties signing the agreement don't all need to sign the same copy. Any copy of the agreement may be treated as an original.
Signing in counterpart means that duplicate contracts or deeds are printed so that there is a separate copy for signing by each party. The opposite situation is where one copy of the contract or deed is printed and signed by all parties to it.
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.?
Executed contracts are agreements that have passed the signature stage and have been approved by all parties involved. An executed agreement establishes a contractual and enforceable relationship, and each party is now responsible for fulfilling the legal obligations stated in the 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.
This clause permits the execution of multiple copies of the same agreement or deed. It is prudent to include this clause if parties wish to execute multiple copies of the same agreement or deed in counterparts (ie because not all parties can sign in the same place and at the same time).
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.