Nature of the Contract Clause Samples
The "Nature of the Contract" clause defines the fundamental character and legal status of the agreement between the parties. It typically clarifies whether the contract creates an employment relationship, a partnership, an independent contractor arrangement, or another specific legal relationship. For example, it may state that the agreement does not establish an employer-employee relationship, thereby limiting certain legal obligations. This clause is essential for setting expectations and preventing misunderstandings about the rights and responsibilities that arise from the contract, ensuring both parties are clear on the legal framework governing their interactions.
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Nature of the Contract. 2.1 As this Contract is a fixed term licence, this means that the Contract does not have the legal protection set out in the Housing Act 1988 (as amended) that other residential contracts may have.
2.2 Where the Accommodation is designated for use by you and your family (as specified in your Residence Contract Offer), the additional obligations set out in Schedule 1 will apply.
Nature of the Contract. A Daily Call or Put Option is a derivative contract which transfers to the Customer the right, but not the obligation, to buy (call) or sell (put) a set quantity of a financial or real asset (hereinafter “Underlying”) at a pre-fixed price (“Strike”) at a future pre-established point in time (“Maturity Date”). The Customer pays a sum (“Premium”) in order to purchase this right. The Maturity Date set for the Daily Option is the end of the day (“End of the Service”) when it was acquired. In the case where the Customer keeps the Contract up to the End of the Service, therefore not taking the initiative to sell within the same day of purchase, for each Daily Option retained, the exercising of the right (“Exercising”) shall be automatically carried out. The Exercising does not anticipate or involve the physical handing over of the Underlying to the Daily Option, instead there is a cash settlement of the difference between the Closing Price and Strike Price of the Daily Option. The profit of the customer, net of the Premium and of the total costs incurred, shall be equal to the product of the quantities (“Lots”), the Multiplier and the highest value between zero and the difference multiplied by the Price Multiplier: - In the case of the Daily Call Options: between the value of the Closing Price, as defined hereinafter, and the Option Strike; - In the case of the Daily Put Options: between the value of the Strike of the Option and the Closing Price. In the event of sale by the Customer prior to the End of the Service, the profit or the loss made is calculated based on the difference between the sale price (collected premium) and the purchase price (premium paid). The Daily Options are traded in GBP. This means that even when the Daily Option has, as its underlying, instruments which have been traded in a foreign currency, the Bid and Offer Prices of the Underlying and the Bid and Offer prices of the Daily Options will be given in GBP and in the case of an Underlying traded in a currency other than the GBP, presupposing a foreign currency exchange/GBP ratio of 1:1. Entering into the Daily Options Contract is dependent on the prior signing of a Supplementary Contract between the Bank and the Customer in order to operate using derivatives. The parties of the Daily Options are the Customer, who takes on the role of ▇▇▇▇▇▇▇▇▇, and the Bank, who takes on the role of Seller of the Daily Options. The finalisation of the contract gives rise to the opening of a Long Positio...
Nature of the Contract. 13.1 The Contract contains the entire agreement between Sat One Global and the Customer and supersedes all prior communications and negotiations between the parties.
13.2 Unless otherwise specified in the Contract, no amendment or variation of the Contract is valid or binding on a party unless made in writing and signed by the Customer and Sat One Global.
Nature of the Contract. 3.1. The Contract is a public services contract within the meaning of regulation 2(1) of the Public Contracts (Scotland) Regulations 2015.
3.2. Save to the extent specifically provided for in the Contract,The Service Provider acknowledges that it is not the exclusive Service Provider of the Services to the Purchaser and as such no guarantee of work or volume of work has been granted by the Purchaser.
Nature of the Contract. The Contract is a public supply contract within the meaning of regulation 2(1) of the Public Contracts (Scotland) Regulations 2015.
Nature of the Contract. 2.1 The parties hereto acknowledge and agree that the Representative is an independent contractor, subject to and governed by the provisions of the applicable provincial or territorial insurance laws and regulations in the jurisdiction in which the Representative carries on business (the “Law”) and the requirements, including any applicable code of ethics or code of conduct, of the applicable provincial or territorial insurance regulatory authorities in such jurisdiction (the “Regulatory Authority”). This Contract does not contain anything that has the effect of creating an employment relationship between the Company and the Representative and nothing in this Contract shall be construed so as to imply or create an employer/ employee relationship between the Company and the Representative. The Representative shall not at any time or under any circumstances whatsoever hold him or herself out as an employee of the Company .
Nature of the Contract. The Design-Build Firm shall provide the services set forth in the Contract Documents. The Design-Build Firm shall provide full and prompt cooperation with the City in all aspects of the Work to be performed. The Design-Build Firm acknowledges that the Contract Documents require the performance of all things necessary for or incidental to the effective management and performance of a Project(s). All things not expressly mentioned in the Contract Documents, but necessary to carrying out its intent are required by the Contract Documents, and the Design-Build Firm shall perform the same as though they were specifically mentioned, described and delineated. The Design-Build Firm shall furnish all labor, materials, tools, supplies and other items required for the completion of the Contract. All Work shall be accomplished at the direction of and to the satisfaction of the Project Manager.
Nature of the Contract. 11.1 The Contract contains the entire agreement between Interphone and the Customer and supersedes all prior communications and negoti- ations between the parties.
11.2 Unless otherwise specified in the Contract, no amendment or varia- tion of the Contract is valid or binding on a party unless made in writing and signed by the Customer and Interphone.
Nature of the Contract. 3.1 No pitch will be classed as reserved or treated as allocated and no Contract shall exist until the Exhibitor has paid the charges in full.
3.2 The Contract constitutes a licence and not a tenancy. The Organiser reserves the right at any time to make such alterations to the plan of the Fair, which in its opinion, be necessary in the best interests of the Fair and the public as a whole.
Nature of the Contract. FWC for the provision of services for organising events and technical meetings and events with reopening competition among events organisers will be concluded with each of three operators, capable of providing services in relation with the organisation of events as described in the Technical Specifications. The FWCs are separate, but identical in terms.