Category: Contract Formation
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Implied Terms
Implied Terms in Contract Formation Certain terms may be implied into contracts by law, or by usage or custom. The Sale of Goods Act and the Sale of Goods and Services Act contain terms -according to Pinsent Mason’s literature about Implied Terms- which are implied into all contracts for the […]
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Confidentiality
Confidentiality in Contract Formation It is often advisable to include this term in any contract. In Pinsent Mason's words:Some contracts deal with commercially sensitive information and the parties are likely to want to keep this information confidential. There should be confidentiality […]
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Intellectual Property Rights
Intellectual Property Rights in Contract Formation It is often advisable to include this term in any contract. In Pinsent Mason's words:Many commercial contracts include a clause stating who will own the intellectual property rights to any products provided under the contracts. This clause […]
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Warranties
Warranties in Contract Formation It is often advisable to include this term in any contract. In Pinsent Mason's words: It is common for the party providing goods or services under a contract to provide certain warranties in relation to the delivery of the goods or services. For example, if […]
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Applicable Law
Applicable Law in Contract Formation It is often advisable to include this term in any contract. There should be a clause in each contract indicating which law governs the contract. For example, 'This Agreement shall be governed by and construed in accordance with the laws of Scotland'.
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Contract Execution
Contract Execution in Contract Formation In Pinsent Mason's words: Scotland Following a change in the law in 1995 in order to execute a deed only a signature is required. However to be formally valid a document should be subscribed by the granter and witnessed by one other aged person at […]
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Description
Description in Contract Formation It is often advisable to include this term in any contract. In Pinsent Mason's words:A specific description of the goods or services that will be provided under the contract including the level of service if the contract is for services. This section […]
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Timescale
Timescale in Contract Formation It is often advisable to include this term in any contract. In Pinsent Mason's words:The specific timescale for the project should be noted including any deadlines that have to be met. This section should include any pre-agreed payments (or liquidated […]
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Limitation Of Liability
Limitation Of Liability in Contract Formation It is often advisable to include this term in any contract. In Pinsent Mason's words:This section caps the liability of either party to the contract. For example, 'Neither party shall have any liability to the other party for a claim of […]
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Termination Provisions
Termination Provisions in Contract Formation It is often advisable to include this term in any contract. In Pinsent Mason's words:The circumstances under which the parties can terminate the contract should be stated clearly. The procedure for giving notice to the other party should be in […]
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Change Of Control
Change Of Control in Contract Formation It is often advisable to include this term in any contract. In Pinsent Mason's words:During the course of a contract one party may change the structure of their company. In these circumstances the other party may wish to terminate the contract, for […]
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Interpretations
Interpretations in Contract Formation It is often advisable to include this term in any contract. In Pinsent Mason's words:Definitions and Interpretations – If there are any defined terms in the contract this section should provide specific and clear definitions. For example, a Business […]