Draft a contract Essay Example

  • Category:
    Law
  • Document type:
    Research Paper
  • Level:
    Undergraduate
  • Page:
    2
  • Words:
    978

7Drafting a contract

Drafting a contract

Drafting a contract

Contract between Godwin-director of ACT Aviaries Pty Ltd and Eric Sully, director of Park life Pty Limited

AGREEMENT

This Sales Contract is made and agreed into the ___ day of __________, _______, by and between Godwin with an address, ACT Aviaries Pty Ltd ACN 008 999 979 32 Gamor Street Waramanga, ACT 2611(“the seller”) and Eric Sully of Park life Pty Ltd ACN 004 085 616 Suite 64 MLC Tower, Woden, ACT 2606 (“the buyer”). In contemplation of the reciprocated agreements herein enclosed, both parties agree that buyer grants the seller the exclusive right to sell his aviary on credit which has to be paid on or before the stated agreement on 3rd May, 2011. The Buyer adheres to such concurrence and consents to make the most of its best labors in the sale of the Aviary in order to capitalize on royalty payments to Seller under this conformity.

ASSURANCES

Seller warrants to be the director of ACT Aviaries Pty Limited (“inventor of the Work”) and to be the sole owner of all rational and/or chattels according to the Work. Seller assures that the Work does not violate any privileges of third parties. Seller additionally agrees not to commence on any kind of rivalry by way of fabrication and allotment of the Work.

PROPOSITIONS

The name of the Aviary and other judgments are left to the prudence of Buyer and/or ultimate other buyers. Seller may make proposals to Buyer, which will be convincingly considered by Buyer. Buyer is not indebted to hold fast to Seller’s suggestions. Buyer shall be at liberty to file and acquire any form of information pertaining to terms of contract, building and construction.

Buyer shall be entitled to use plans or operation of Work, free of any royalty to the Buyer. Imitative works using identical technicalities of the Work shall be liable to the compensation and sovereigns detailed in this indenture.

SELLER’S NAME

Each replica of the Work shall bear the Seller’s name on the face of the Aviary.

PAYMENTS

Buyer agrees to submit payment on or before 3rd May, 2011.This report will include compensation of sale items worth $ 6909 US Dollars and other expenses incurred by the Seller. Once the advance is made up for, payments will be sent to the Seller with the Royalty Report.

ANNIHILATION

Either of the parties has the moral legality to lapse this accord by availing written notices to the other party if at any time during the term of this contract, either of the subsequent actions occur:

  • Buyer shall fail within a period of up to 3rd May 2011 to pay the full amount for the Aviary (Work).

  • Buyer fails to make compensation of any funds due to the Seller under the stipulations of this contract and obtains a notice of breach.

  • Buyer shall breach the terms of contract in any comportment.

BREACH OF LICENSE

Each party shall have the right to terminate this agreement immediately if either party breaches any of the terms and requirements of this contract. The party in contravention must be informed via written form by the other party specifying the conscientious breach. If the party in breach is unable to alleviate the breach within the set time by both parties, the other party has the moral obligation to expire this contract.

TERMS OF AGREEMENT

This agreement shall be operational and will take action upon implementation of this Licensing Agreement for the tenure pursuant to programmed to Licensing contract.

INFRINGEMENTS

In the event a third party interfering with the two parties, Buyer has the obligation to hold back any royalty expenditures due to Seller till supposed accusations have been discussed and cleared.

Any legal charges for expenses incurred by the Buyer in relation to allegations or interconnected legal deeds will be on the sole accountability of the Buyer.

INDEMNIFICATIONS

Buyer shall be exclusively be answerable for, and shall protect, hold not detrimental and indemnify Seller, its stakeholders against any allegations arising out of any claim that the construction of this aviary defies the required standards of construction of Public works. In case of any form of indemnification, the Buyer should obliterate all records that pertain to this construction. Buyer will be held accountable for the entire costs linked with alleged obliteration.

MISCELLANEOUS

Each and every notice and/or alterations to this contract that may be needed by Buyer must be done in form of text and sent to Seller at the address indicted in the caption of this agreement, or other address as selected by the Seller.

All notices and/or changes that may be vital to the Seller must be made in writing and sent to Buyer and the address noted in the title of this agreement or other address selected by the Buyer.

Should any proviso of this contract turn invalid or unachievable, or should the contract enclose an oversight, the outstanding rations shall be legitimate and enforceable. In the event of a null condition, a valid provision is supposed to be settled upon by the parties that is contiguous to one agreed upon by both parties. The equivalent should be applicable in cases of omissions.

This accord shall be presided over and interpreted in relation to the acts of the State wherein the center of operations of the Buyer are situated.

Settled on this day:

………………………………… ………………………………………..

Seller
Buyer

PROGRAM TO ENDORSE CONTRACT

1. Forename: Eric Sully, Director of Park life Pty Limited.

2. Term: Contract expires if payment is not made

3. Royalty imbursement appointment: 3rd May 2011

References

Furmston, M., Cheshire, C. and Stuart, H. (2006). Cheshire, Fifoot & Furmston’s Law of contract. Oxford University Press: Oxford.

Miller, R. and Jentz, G. (2010). Business Law Today: The Essentials. Cengage Learning Publishers: New York.

Pakroo, P. (2010). The small business start-up kit: Small business start up kit. Nolo Publishers: California.