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The equipment clause should consider equipment that may be complex, in that they have vital removable parts or additional attachments.
The clause under the list of items could have therefore been structured as follows:
______________ (Attachments and removable parts) (where applicable)
Terms and Conditions clause
Under section b, the clause ought to have included details on how payments should be made. This because the payment clause does not cover it but instead defines how monthly payments will be made but not shipping costs detailed under the Term and termination clause. The section should, therefore, include such details;
"Endless supply of this Agreement, (Organization NAME) will pay the expenses of transportation the Leased Equipment to ___________. Installments will be made by _______ [bank wire exchange to X account, etc.]"
The payment clause could be strengthened by including the currency to be used and flexibility of the payment to the lessor. Also, it lacks details on how late payments are to get handled. It could, therefore, get rewritten as follows:
Lease Payment and Late Charges
In thought for the utilization of the Leased Equipment, for insofar as this Agreement stays in constraint, (ORGANIZATION NAME) consents to pay Lessor the aggregate of $__________ every month as a lease. The principal such installment will get expected on ____________, and after that installments will be expected before the fifteenth day of every month, with the twelfth and last installment to be made at the latest _____________. Installments will be made by _______ [bank wire exchange to X account, etc.] (Or some other address gave by the lessor) In the event that any sum under this gear rent understanding is more than _____________ days late, the Lessee aggress to pay an expense of $ _____________.
The Equipment lease has omitted a security deposit clause. The clause should have been included as follows. As the provision explains, the security deposit will ensure finances for repair of the equipment is available while also serving as the trust between the lesser and lessor.
Prior to the Lessee asserting the rigging. The occupant should store with the lessor, in conviction, a security store of $ _____________ as security for the execution by the inhabitant of the terms under this statement. Besides, for any damages caused by Lessee or Lessee's administrators to the equipment in the midst of the Equipment Lease term. The Lessor may use part or all the security store to repair any damage to Equipment caused by the Lessee or by the Lessee's experts. The Lessee is, nevertheless, not compelled to the security store aggregate and the Lessee remains committed for any alter. The Lessor won't not use or apply any such security store from the last or any month's rent. The Lessee won't not utilize or execute any such security stores at whatever point as opposed to a portion of the rent. If the Lessee breaks any terms or conditions under this comprehension, the Lessee may give up any store as permitted by law.
The Equipment Lease contract also ought to have included a Default clause. A sample default clause could be as follows.
In case the Lessee fails to perform or fulfill any dedication under this agreement, Lessee may be in default of this comprehension. Subject to any statute, law or law regardless of what may get expected, Lessee ought to have seven (7) days from the date of the notice of default by Lessor to cure the default. In the event Lessee does not cure the default, The Lessor may (a) cure the default, and the cost of such movement may get added to the tenant's cash related duties under this comprehension or (b), declare Lessee in default of the agreement. In case the Lessee should twist up wiped out, stop to cooperate as a going concern or if an interest to have been recorded by or against Lessee under the Bankruptcy Act or temporary government or state statute, the Lessor may expeditiously articulate the Lessee in default of this agreement. If there should be an occurrence of default, Lessor may, as permitted by law, re-assert the equipment.
Goods Sale Contract
The Goods sale contract lacks the Force Majeure clause, which relieves the parties from performing their contractual obligations when certain circumstances beyond their control arise. This, in turn, makes the performance indivisible, illegal and commercially impracticable.
The clause would have been included as follows:
The merchant won't be at risk for delays in execution or of non-execution because of unexpected conditions or causes past the vendors' sensible control.
The Goods Sale Contract has likewise precluded the Entire Agreement clause. Whose reason for existing is to clear up that the understanding between the two gatherings is the thing that gets expressed in the composed contract. Subsequently, avoid guarantees by either party that announcements made amid the arrangements of the agreements and before the marking of the written contract constitute other terms of the agreement or a type of side understanding. The Entire agreement clause could have been included as follows:
This agreement constitutes the whole agreement between the gatherings concerning the topic of this agreement between the groups regarding the subject of this agreement and supersedes every single other agreement, regardless of whether composed or oral, between the gatherings.
The Contracts additionally does not have the Amendments clause, which stipulates the conditions for changing the terms of the agreement.
The clause would have been included as follows:
No amendments to this agreement will be viable unless it is composing and marked by the two gatherings.
The Goods sale contract also lacks the counterparts and facilitation for signatures. This clause shows that both parties have agreed to the terms of the agreement and is legally binding.
The clause could have been included as follows.
This agreement might get marked in at least one partners, which together will shape a separate agreement. Each gathering is consenting to this arrangement on the date expressed inverse that gathering's mark.
Date _____________, 201[ ] BY _____________ [Name] _____________ [Title]
Date _____________, 201[ ] By_____________ [Name] _____________ [Title]
Allen, M. T., Buttimer, R. J., & Waller, N. G. (1995). An examination of the role of security clauses and deposits in residential lease contracts. The Journal of Real Estate Finance and Economics, 10(3), 271-283.
Bridge, M. G. (2017). The International Sale of Goods. Oxford University Press.
Buchheit, L. C. (1993). How to negotiate cross-default clauses. Int'l Fin. L. Rev., 12, 27.
Garg, A., & Deshmukh, S. G. (2006). Maintenance management: literature review and directions. Journal of quality in maintenance engineering, 12(3), 205-238.
McLauchlan, D. The Entire Agreement Clause: Conclusive or a Question of Weight?'(2012). LQR, 128, 521.
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