“Which by agreement of the parties” – A Common Legal Jargon Explained
Legal agreements and contracts are full of complex terms and phrases that can be confusing for the average reader. One phrase that is commonly used in legal documents is “which by agreement of the parties.” This phrase is often included in contracts and agreements to clarify the terms and conditions that both parties have agreed to.
So, what does “which by agreement of the parties” mean?
In simple terms, “which by agreement of the parties” means that the terms and conditions of a contract or agreement have been agreed upon by both parties. It is a way to demonstrate that both parties have come to a mutual understanding and have willingly accepted the terms of the contract.
This phrase is often used in legal documents to show that the terms of the agreement have not been imposed by one party but have been negotiated and agreed upon by both parties. It helps to ensure that both parties are on the same page and have a clear understanding of what is expected of them.
For example, let`s say you are signing a contract to purchase a property. The contract might state, “The price of the property shall be $500,000, which by agreement of the parties, shall be paid in full within 90 days of the closing date.” In this case, the phrase “which by agreement of the parties” is included to clarify that the price and payment terms have been mutually agreed upon by both parties.
The use of “which by agreement of the parties” also helps to make the contract legally binding, as both parties have willingly accepted the terms of the agreement. It allows both parties to have a clear understanding of their obligations and responsibilities under the contract and provides a framework for resolving any disputes that may arise.
In conclusion, “which by agreement of the parties” is a legal jargon that is commonly used in contracts and agreements to indicate that the terms and conditions have been negotiated and agreed upon by both parties. It is a crucial phrase that helps to ensure clarity and mutual understanding between parties and makes the contract legally binding. Therefore, it is essential to have a clear understanding of this phrase while reading and interpreting legal documents.