The term "boilerplate" refers to standardized language in contracts. Although often grouped together, boilerplate provisions don't have much in common with one another except that they don't fit anywhere else in the agreement. For that reason, they are usually dumped at the end of the agreement under
A "choice of law" or "governing law" provision in a contract allows the parties to agree that a particular state's laws will be used to interpret the agreement, even if they live in (or the agreement is signed in) a different state. For example, many big corporations choose Delaware law in their contracts' choice of law provisions, because that state's laws often favor corporations and offer some predictability when it comes to disputes. Read on to learn more about choice of law provisions in contracts.
Parties to a contract often include a statement that says "time is of the essence." What does this provision mean, and will a court always enforce a "time is of the essence" clause if something goes wrong under the contract? Read on to learn more. (For a look at other kinds of clauses that show up often
Contract disclaimers let parties to a contract rid themselves of certain responsibilities, while "as is" contract provisions typically put buyers on notice that they're stuck with any problems associated with the product or property they're purchasing. This article discusses the basics of disclaimers
Arbitration is an out-of-court proceeding in which a neutral third party called an arbitrator hears evidence and then makes a binding decision. Arbitration is the most commonly used method of alternative dispute resolution (ADR), and you'll find an arbitration clause in the fine print of all kinds of
When a legal dispute arises and people take their fight to court, the basic rule is that each party to a lawsuit must pay its own attorneys' fees. (For more information, see Nolo's article Attorney's Fees: Does the Losing Side Have to Pay?) However, when two people or companies sign a contract they can