Example Of Legal Contract Between Two Parties

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A contract is a legally binding agreement that is formed between two parties, which may be one or more companies, corporations, private individuals or other entities. It usually states what each party is expected to do in the future and how they will receive benefits. This may include the remuneration of services, entitlements, or any other conditions that are stipulated in the agreement.

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Legal contracts have been in existence for ages. They were mostly used to bind parties together for various reasons. To prevent the future breach of contract, the parties should be aware of the nature of the contract. It must also be stipulated what to do in case of any legal violation.

In some cases, the legal contract could help resolve conflicts and problems. However, it should be stated that there are always loopholes in such agreements. The key to making the contract valid is the language used by both parties. This is considered as the most important aspect when trying to form a legal contract.

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You may encounter different types of legal contracts in the market. They include exclusive agreements, non-exclusive agreements, joint ventures, warranties, assignments, lien, and contingent obligations. The agreement may be in the form of an exclusive contract or a non-exclusive contract. This is because there is no way of knowing the scope of the contract until its legal description is ready.

An exclusive agreement is a contract that is used to specifically exclude any third party from the other party’s services. In this type of contract, the main goal is to allow a limited number of services to the parties. However, the exclusivity period is usually limited to a specific period which is commonly three years.

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A non-exclusive agreement is a contract where both parties agree to the same services and the contract is not dependent on the third party. This is used to prevent the service provider from having an unfair advantage over its customers. It also works to prevent the service provider from engaging in a substandard service.

A joint venture is a contract that is formed between two companies. This is usually used in industrial areas, which consist of two firms who work in close relation with each other. In such cases, both parties would have to exert effort to meet the company goals. In this case, the main goal of both parties is to ensure that the project will go smoothly.

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Warranty is another type of contract in which a company takes the responsibility of providing goods or services. A warranty is generally intended to protect the customer from faulty goods. However, a warranty also protects the company from customers who would try to avoid paying for the product.

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