Category Archives: Contracts

Contract law Vocabulary

Here are a few terms that you might encounter in the course of contract negotiation, which might be of use. Continue reading

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Indemnity & Guarantee-Distinction

Explains Contract of Indemnity and Guarantee and the difference between them. Continue reading

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Novation of contract

What is Novation of contract? A contract can be discharged by the parties either by entering into a new contract in substitution of the old contract or by acceptance of performance of modified obligations in lieu of obligations stipulated in … Continue reading

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Top 10 tips to avoid disputes and litigation in contracts

When entering into a contract nobody wants a dispute and even more, wants to avoid it escalating into litigation. Litigation is time-consuming, expensive, risky and stressful; it diverts precious resources and is a distraction to the normal business activity. Due … Continue reading

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Confidentiality Agreements or Non-Disclosure Agreements-Explained

What is Confidentiality Agreement? Confidentiality agreements which are also called Non-Disclosure Agreements or NDA are agreements entered between parties to protect confidential information exchanged, from being used for business advantage or being disclosed against one party’s will. These agreements, are … Continue reading

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Landmark cases in Contract Law

Contributed by: CA Amit Talada* The Law of Contracts as is applied today has been defined by some classic decisions of English and Indian Courts. Some of these seminal cases, which may seem minor in their actual cause of action, … Continue reading

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Termination of Contract

Contracts are entered into by parties with an intention to bind together in a legal obligation and thereby to serve the interest of the parties.  The parties, in order to govern themselves and to safeguard their interest, make their own … Continue reading

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Breach of Contract, Liquidated damages and Penalty

Breach of Contract When a party fails or refuses to perform his part of the contract, it amounts to a breach of contract. A breach may take any of the three forms, namely, (a) where a party fails to perform … Continue reading

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Bank Guarantee- Invocation and grant of injunction by Courts

Bank Guarantee Bank guarantee is the backbone of commercial transactions.  It is said that business proceeds on beliefs or judgment of probabilities and not on certainities.  Thus when a commitment is made it must be honoured, otherwise people will lose … Continue reading

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Contract- Time of the essence

In most commercial contracts, there will be a clause or a phrase to the effect that “time is the essence of this contract.” Many a time, little or no thought is given to the clause and it is often inserted … Continue reading

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