This form brings together several boilerplate contract clauses that work together to outline the laws that will govern all or parts of the contract and to determine the legal forum or jurisdiction for any claims that may arise under the contract agreement.
Pennsylvania Putting It All Together - Governing Law and Jurisdiction Provisions
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Governing Law Versus Jurisdiction Jurisdiction refers to where a dispute will be resolved; governing law indicates which state's law will be used to decide the dispute. It's possible, for example, for a contract to require lawsuits to be filed in California but decided under New York law.
This submission to jurisdiction clause, also known as a choice of forum or forum selection clause, is intended for use by the parties to a commercial contract in order that they may choose the courts and appropriate jurisdiction to adjudicate disputes under the contract.
Jurisdiction is granted to a court or court system through laws passed by a government or by a country's constitution. For example, the American Constitution grants jurisdiction to the US Supreme Court to decide disputes between states and cases involving foreign ambassadors.
Each Party irrevocably submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York, for the purposes of any suit, action or other proceeding arising out of this Agreement.
Choice of law clause, also known as a governing law clause, that allows the contract parties to choose the substantive law of Pennsylvania to apply to the contract.
Each of the parties hereby waives any objection that it may have to the venue of any such suit, action, or proceeding, and each of the parties hereby irrevocably consents to the personal jurisdiction of any such court in any such suit, action, or proceeding.
Choice of law clauses are found in almost every contract. However, parties can sometimes use them strategically. For example, a business can set the choice of law in Delaware if they are headquartered in that state, even though they may be conducting business elsewhere in the country.
Jurisdiction clause samples. The exchange offer is not being made to (nor will tenders be accepted from or on behalf of) holders of original notes in any jurisdiction in which the making of the exchange offer or the acceptance thereof would not be in compliance with the laws of such jurisdiction.