Principle Agreement
What is this form?
The Principle Agreement is a foundational document outlining the collaborative framework between Saigon Post and Telecommunications Service Corporation and General-Tel/ePhone Telecom, Inc. for developing Wireless Local Loop (WLL) network services in Vietnam. This form serves as a basis for negotiations and subsequent agreements, setting forth mutual interests and responsibilities for both parties. Unlike other agreements, this document establishes preliminary terms and intentions rather than detailed operational procedures.
What’s included in this form
- Parties Involved: Information detailing the two parties involved in the agreement, including their registered addresses and representatives.
- Objectives of Cooperation: Defines the primary goals and forms of collaboration regarding WLL network services.
- Financial Contributions: Specifies the financial and resource commitments expected from each party.
- Obligations: Details responsibilities concerning project management, regulatory compliance, and operational cooperation.
- Termination Clauses: Outlines conditions under which the agreement may be terminated and the subsequent handling of contributions.
Situations where this form applies
This form is necessary when two or more parties intend to collaboratively develop telecommunication services in a specific market. It is particularly useful in assessing potential partnerships for business co-operation contracts, especially in situations involving foreign investment and infrastructure projects. Companies looking to establish a legal understanding before drafting comprehensive agreements can utilize this form.
Who should use this form
This form is intended for:
- Telecommunication companies interested in entering joint ventures.
- Businesses seeking to navigate foreign investment regulations.
- Legal professionals drafting preliminary agreements for collaborative projects.
- Stakeholders involved in operational agreements in the telecom sector.
Steps to complete this form
- Identify the parties: Clearly state the full legal names and addresses of both Saigon Post and Telecommunications Service Corporation and General-Tel/ePhone Telecom, Inc.
- Outline objectives: Specify the key objectives the parties aim to achieve through this agreement.
- Detail contributions: Describe the financial and resource contributions expected from each party.
- Define obligations: Clearly outline the obligations and responsibilities of each party related to project execution.
- Include termination terms: Set forth conditions under which the agreement may be terminated and what will happen to contributions after termination.
Does this form need to be notarized?
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
Typical mistakes to avoid
- Failing to clearly define party contributions, leading to future disputes.
- Not specifying the objectives of cooperation, which can cause misunderstandings.
- Neglecting to outline termination clauses, resulting in complications if the partnership ends.
Benefits of completing this form online
- Convenience: Access the form anytime and download it for immediate use.
- Editability: Customize the document online to fit specific needs before printing.
- Reliability: Forms are drafted and reviewed by licensed attorneys, ensuring legal compliance.
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FAQ
Enforceable Contracts Traditionally, contracts address providing goods and services in exchange for payment, although they can also reflect barter situations that trade services or goods. When done correctly, a legally binding agreement is enforceable in a court of law.
In law, an agreement in principle is a stepping stone to a contract. Such agreements with regard to the principle are usually considered fair and equitable. Even if not all details are known, an agreement in principle may, for example, outline a schedule of royalties.
Generally, to be legally valid, most contracts must contain two elements: All parties must agree about an offer made by one party and accepted by the other. Something of value must be exchanged for something else of value. This can include goods, cash, services, or a pledge to exchange these items.
Personal details such as your name, date of birth and address. Address details for the past three years. Information about your income. Information about your expenditure and existing credit agreements.
Once all parties sign a letter of agreement, it becomes a binding legal document. You should include a signature block at the end with room for both signatures and dates with the heading "Acknowledged and Agreed." Both parties should keep a final, signed copy for their records.
An Agreement in Principle is not legally binding and not a guarantee that you will be formally offered a mortgage, even if you make an application with the same lender. These checks are not compulsory, but they may give you a better insight into what a mortgage lender is looking for.
Phrase. If you agree with something in principle, you agree in general terms to the idea of it, although you do not yet know the details or know if it will be possible.
An Agreement in Principle is not legally binding and not a guarantee that you will be formally offered a mortgage, even if you make an application with the same lender. These checks are not compulsory, but they may give you a better insight into what a mortgage lender is looking for.
PRINCIPAL CONTRACT. One entered into by both parties, on their own accounts, or in the several qualities they assume. It differs from an accessory contract. (q.v.) Vide Contract. A Law Dictionary, Adapted to the Constitution and Laws of the United States.