Common use of Oral Procedure Clause in Contracts

Oral Procedure. Where this Agreement specifies that the Oral Procedure applies, should the Parties come to an understanding regarding a particular transaction, the transaction will be formed and effectuated between the Parties by an oral offer (whether by telephone, in-person, or otherwise) and oral acceptance (whether by telephone, in-person, or otherwise). The Parties shall confirm and acknowledge each such oral agreement contemporaneously by an informal writing, e-mail message or fax between the Parties and the Parties shall be legally bound by each transaction from the time of such confirmation and acknowledgement of each such agreement as to its terms and that each Party will rely thereon in doing business related to the transaction. Any transaction formed and effectuated pursuant to the foregoing shall be considered a “writing” or “in writing” and to have been “signed” by each Party. The Parties further agree to prepare a formal written amendment to this Agreement , based upon each such informal confirmation and acknowledgement describing the terms and conditions of that agreed upon transaction within seven (7) Business Days of such agreement between the Parties pursuant to this Oral Procedure Section. Waiver of Statute of Frauds

Oral Procedure. Where this Agreement specifies that the Oral Procedure applies, should the Parties come to an understanding regarding a particular transaction, the transaction will be formed and effectuated between the Parties by an oral offer (whether by telephone, in-person, or otherwise) and oral acceptance (whether by telephone, in-person, or otherwise). The Parties shall confirm and acknowledge each such oral agreement contemporaneously by an informal writing, e-mail message or fax between the Parties and the Parties shall be legally bound by each transaction from the time of such confirmation and acknowledgement of each such agreement as to its terms and that each Party will rely thereon in doing business related to the transaction. Any transaction formed and effectuated pursuant to the foregoing shall be considered a “writing” or “in writing” and to have been “signed” by each Party. The Parties further agree to prepare a formal written amendment to this Agreement , based upon each such informal confirmation and acknowledgement describing the terms and conditions of that agreed upon transaction within seven (7) Business Days of such agreement between the Parties pursuant to this Oral Procedure Section. Waiver of Statute of Frauds.