An A to Z of Contract Clauses - Key Terms for your Contracts.

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An A to Z of Contract Clauses - Key Terms for your Contracts.

Navigating a commercial contract and appreciating the implications, both legal and practical, can be a daunting task. This article provides a snapshot of key clauses typically found in a standard commercial contract and looks at the implications of those clauses for the contracting parties.

A is for Assignment

English law states that, in the absence of express drafting to the contrary in a contract, either party to that contract may:

1. Assign their rights to a third party (subject to limited exceptions); but

2. May not transfer obligations arising under that contract to a third party.

This 'default' legal position exposes the parties to the unde...

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