When hiring an independent contractor, an agreement must be made that conforms to legal definitions, includes a scope of work, payment terms, and specifies the contractor’s equipment and location of work. A section detailing the rights and responsibilities of each party should also be included. When choosing to hire an independent contractor rather than an […]
Verbal contracts can refer to oral agreements or any contract expressed in words, whether written or oral. Confusion arises from using “verbal” to describe spoken words. Enforceability varies, and written contracts are easier to enforce. People accept contracts through actions, such as visiting a service provider, implying an intention to pay. There are at least […]
Joint tenancy separation is the process of dividing joint ownership of property into separate shares. It is commonly done during divorce. In joint tenancy, when one person dies, their share automatically transfers to the surviving person. The process involves filing for partition, which may result in the property being divided or sold. If either party […]
Terms and conditions agreements are common in various applications, including renting a DVD or purchasing a warranty. Websites like wiseGEEK also have rules of use, including copyright laws and disclaimers of liability. It’s important to read these agreements to avoid unwanted spam or legal issues. They are also used to protect site owners or sellers […]
An entity agreement is a contract between business owners that allows for the buyback of a retiring owner’s interest in the company, typically used in partnerships or LLCs. It ensures that ownership interests are not sold to a third party and sets out the terms for repurchase. Courts consider it a binding contract. An entity […]
A gentleman’s agreement is an informal, unwritten agreement that relies on trust and integrity rather than legal enforcement. It can be unstated, oral, or written, but is not legally binding. While it can facilitate a formal agreement, it is not recommended for important matters as it offers no legal recourse if violated. A gentleman’s agreement, […]
An indemnity agreement is a contract where one party agrees to take financial responsibility for certain expenses or damages. Examples include medical insurance, property leases, and investment services. Some indemnity agreements are difficult to enforce, such as those found on amusement park tickets. Recreational activities like skydiving and parasailing also often require participants to sign […]
A sponsorship agreement is necessary to protect both parties involved in funding a person or company. It should define the project scope, responsibilities, and possible scenarios. Seeking professional assistance is recommended for a comprehensive agreement. If you are looking to become a sponsor or are trying to develop some type of sponsorship program to fund […]
An annuity agreement can provide financial benefits to both parties during legal disputes, with the defendant purchasing an annuity contract from an insurance company for the plaintiff instead of paying a lump sum. Annuity settlements pay less in tax and benefit the defendant as they cost less than cash settlements. However, the recipient could lose […]
A guarantor agreement is required when a debtor lacks sufficient capital reserves, has a low credit score, or no collateral. It binds another party to the debtor’s contract, making them responsible for the debt if the debtor defaults. Creditors often require a credit check and a guarantor agreement. Minors and people with no credit history […]
A strategic partnership agreement is a contract between two companies or organizations to work together for mutual benefit without affecting their organizational integrity. It allows for cooperative efforts and can be formalized through a binding contract to ensure compliance with legal and ethical standards. Collaborative agreements can also occur on an informal level. A strategic […]
A disclosure agreement commits individuals or organizations to share specific information with other parties, with limits on what must be shared. They are common in real estate, investments, and employment, and failure to comply can result in legal consequences. A disclosure agreement is a document that commits an individual, business, or other type of organization […]
An ABC agreement is essential for ensuring that seats on the New York Stock Exchange are used correctly. It is an agreement between the financing brokerage firm and the employee purchasing the seat, with provisions including the ability to transfer the seat to another employee, purchase a second membership, and sell the seat membership. Restrictions […]
Pronoun-antecedent agreement ensures that pronouns correctly refer to their antecedents in terms of person, gender, and number. It is important for clarity and professionalism in writing. Pronoun-antecedent agreement is a concept within the language in which a pronoun must function correctly and agree with the antecedent to which it refers. A pronoun takes the place […]
A BPO agreement is a performance contract between a client and a third-party service provider for outsourcing non-core business operations. It includes service scope, performance metrics, and benchmarks, and establishes a framework for a long-term relationship with flexibility to accommodate changes. It also outlines ownership, legal provisions, cancellation events, and compensation. A business process outsourcing […]
A sublease agreement is when a renter leases their property to a third party, but it can create risks for the original lessee as it does not connect the landlord with the third party. Some landlords prohibit subletting, but others may present it as the only option. The original lessee is still liable for any […]
A reciprocal agreement is a documented contract between two entities, individuals, companies or nations, where both parties agree to share resources and assist each other in achieving their goals. The agreement can be simple or complex, with a start and end date, and is mutually beneficial. Also known as a reciprocal agreement, a reciprocal agreement […]
An LLP agreement is a contract between partners that outlines their rights and obligations and provides a framework for company operation. It is not required by law but is considered good practice. LLPs offer limited liability and partnership structure, allowing for flexibility in business operations. Typical sections of an agreement include handling profits and losses, […]
Convention expenses are legally deductible for those attending business conferences, including transportation, food, and registration fees. Tuition fees for educational seminars may also be deductible, but expenses for unnecessary accommodations or personal activities are not. When calculating the applicable tax deductions, some expenses are legally deductible to the extent that they are included in the […]
An escrow agreement involves a buyer, seller, and third party to ensure a transaction goes as planned. The third party, or escrow agent, holds funds in a special account until the terms of the contract are met, making transactions more risk-free. Escrow agreements are commonly used in real estate sales but can be useful in […]
