A business contract contains numerous common phrases that the courts recognize. However, people might not understand the legal jargon behind these clauses or how they apply to their business situation. Our Arlington contract attorney can provide further insight on the meanings of these terms.
Introduction to Common Contract Terms
For example, the merger and integration clause, sometimes called the entire agreement clause, means that all of the terms of the agreement are included in the contract. As such, oral and verbal promises might not be honored. Indemnification clauses limit your responsibility to pay for the mistakes of others, such as contractors and subcontractors. These benefits work both ways so that both parties are indemnified from each other. If you have questions on phrasing in a contract, call our Arlington contract attorney.
More Contract Terms Explained
In a business contract, some companies will use the term, “time is of the essence,” especially when delays can have a domino effect. For example, if a writer schedules a book tour based on dates provided by the publisher, a delay in the release of the book could upset the schedule of the entire tour. A severability clause means that the entire contract is not invalidated even if part of it is voided. In a similar manner, one party might knowingly permit the other party to break a term of the contract. A non-waiver clause states that the other provisions of the contract can still be enforced.
Both parties need to be careful when entering into a legal agreement and should understand the meaning of what they are signing. Our Arlington contract attorney can explain contract terms and walk clients through business negotiations. Contact Schleifman Law, PLC at (813) 655-3136 for help with your legal business needs.