We’re almost at the end of this series on contracts! Today, I’m focusing on some of the most common boilerplate contract clauses. If you’ve reviewed a contract in the past, you may have seen and skimmed through or skipped over them. Despite their commonality, you need to understand what these clauses mean and how they can impact your agreement.
When I talk about boilerplate clauses, I’m generally referencing the clauses that seem fairly standard in most agreements. Typically, you’ll find them towards the end of the contract.
In this episode, I focus on the clauses often found in service-based business agreements. I review what each clause means and give you some sample language to help you recognize it.
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In this episode:
[02:49] – Danielle defines the confusing concept of indemnity provisions.
[03:59] – What do you need to look at when reviewing an indemnity provision?
[04:13] – Danielle discusses disclaimer of warranties.
[04:57] – What are choice-of-law and jurisdiction clauses?
[05:45] – Agreements may include a clause regarding dispute resolution such as mediation or arbitration.
[07:32] – Assignment clauses state whether or not the parties may assign their rights under the contract to another party.
[08:20] – In many contracts, written notice to the other party is a common requirement. But how do you give notice?
[09:21] – Danielle talks about unenforceability clauses.
[09:54] – With survival clauses, certain provisions should survive after the termination of the agreement like confidentiality or intellectual property rights.
[10:25] – Some survival clauses list specific paragraph numbers. If you’re doing this, watch out for this common mistake before signing.
[11:00] – What does a waiver clause typically state?
[11:32] – Each party can sign an agreement separately if it includes a counterpart clause.
[12:09] – Single agreement clauses state that the agreement supersedes any past agreements between the parties.
[13:05] – Danielle offers some fairly simple action steps.