The provision is practical and not pedantic in that agreements restricting enforcement of rights through arbitration is not considered a violation of this section. Also, agreements restricting parties from enforcing the contract through any other court other than the court to which exclusive jurisdiction has been conferred under the contract are considered valid.
Execution Date is the date on which the contract is signed and executed between the parties, whereas an Effective Date means the date from which the rights and obligations of parties come into effect. This blog post seeks to set out broad principles for the two concepts and their interconnection in day-to-day business transactions and offer a paradigm to view their importance to drafting .
The performance of a contract may require third party involvement towards the fulfilment of obligations under a contract. In certain specific circumstances, the contracting parties may decide to “sub-contract” or “assign” their rights and obligations to a third party depending upon the nature of the contract. In common parlance, sub-contracting and assignment are used interchangeably,... Continue Reading →
Use of digital contracts have been on a rise due to several dynamic factors such as technological developments and globalization. These factors have acted as a catalyst to the growing trend of digitalization of commercial business models and transactions. This in turn has given a significant rise to digital contracts and electronic records. E-commerce businesses... Continue Reading →
The Information technology (Amendment) Act, 2008 provides with various provisions regarding the DSC and ES. This amendment recognizes ES and takes it under the purview of the IT Act. The word “digital” was replaced by “electronic”, this was done to make the IT Act more technology neutral and expand its applicability beyond digital medium. The... Continue Reading →
High value employment contracts are unique to the nature of employment and skills each such senior employee brings to the organisation based on their expertise and thus, there is no such standardised version of a Key Employee contract. In light of the expertise of such employees including the comprehensive nature of responsibilities expected from such employees it is without an iota of doubt, absolutely essential to put in place a written contract detailing the understanding with such employees.