A non-solicitation agreement can either be a close within a master contract or a separate contract that forbids one party from soliciting the clients, suppliers, partners, and employees of another party for its own benefit or the benefit of a competitor. Purpose of and Justification for Non-Solicitation Agreement The concept is one of the three […]
Tag Archives: Business
Pros and Cons of Non-Compete Clause: The Arguments
A non-compete clause or NCC is a provision or clause in written contracts that obliges one party to agree not to compete against another party. It fundamentally bars an individual or organization from starting a profession or entering into a trade that would render it a competitor of the other participant of the agreement. Considered […]
Writing a Force Majeure Clause: Elements and Considerations
Force majeure is a common provision or clause in contracts that frees involved parties from liabilities or obligations when an extraordinary event or circumstance beyond their control prevent them from fulfilling some or all of their contractual duties. Examples of extraordinary events include natural calamities, sociopolitical instability, and pandemic. Including this clause in a written […]
How to Write a Non-Disclosure Agreement
A non-disclosure agreement or NDA is a specific legal contract or a clause within a written contract that prohibits one or more parties from divulging or sharing information obtained from a disclosing party. The information could include personal data and other private information, trade secrets and proprietary knowledge, and some aspects of intellectual property. Other […]
Parts of a Written Contract: Elements and Clauses
A legally binding written contract should not only meet the requirements or include all of the general elements of an enforceable contract but also follow an established standard for writing and organizing its contents. It is essential to organize these contents into components or parts to foster a logical presentation of the terms and conditions […]
Meeting of the Minds: Understanding the Concept
The phrase “meeting of the minds” is a concept in contract law that represents not only the collective agreement between involved parties but also their comprehension of the terms and conditions. Also called a mutual agreement, mutual assessment, and consensus ad idem, this concept is one of the fundamental elements of an enforceable contract. Understanding […]
Kinds of Contracts: From Manner of Creation to Validity
A contract represents a legally binding agreement between two or more parties. Note that there are different types or kinds of contracts, aside from formal written documents, depending on their manner of creation, fundamental nature, and extent of validity. Kinds of Contracts According to Manner of Creation There are two general kinds of contracts based […]
Elements of an Enforceable Contract
There are six recognized elements of an enforceable contract. Of course, as a backgrounder, a contract is a legally binding agreement between two or more parties. It details and recognizes the rights and duties of these parties, particularly the roles and responsibilities they agree to perform, as well as those that they avoid performing. Regardless […]
Econ 101: The Difference Between Recession and Depression
Recession and depression are two terms used in economics to describe downturns in economic activities. Take note that although both have no universally accepted definitions, these two terms often have different uses, and they correspond to two different economic situations. What is the Difference Between Recession and Depression? The generally accepted difference between recession and […]
Difference Between Mission, Vision, and Value Statements
The mission, vision, and value statements of organizations are more than just public declarations of their identities, intentions, and positioning. When developed and utilized in their proper context, these statements form part of the long-term strategy of a particular organization and guide leaders in making an array of decisions ranging from short-term goals, marketing objectives, […]