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Published: Fri, 02 Feb 2018
Marriage contracts in the form of marriage agreements
Marriage contracts in the form of marriage agreements are commonplace today. High divorce rates and skepticism have made couples resort to securing their assets through an agreement that is usually known as a pre-nuptial agreement.
Dealing with financial issues
A marriage agreement is much like any other type of contract executed between a couple intending to marry shortly (pre-nuptial agreement) or a couple who are already married. These agreements identify the financial status of each partner whose goal is to clearly define the manner in which assets and income are to be treated prior to marriage, during marriage, and after a separation or divorce. Both parties are required to sign the document for a marriage agreement to be legally binding on them. The agreement takes effect from the day the marriage is solemnized. For couples already married, the agreement will take immediate effect. Most marriage agreements deal with financial issues including assets, debts, and the responsibility and liability of each partner during the marriage and in case of a divorce.
Securing the financial future of the children
Marriage agreements give both partners the right to secure their financial future. The agreement must clearly state the division of assets, the rights of one spouse to retain the family home, child support, alimony, and other related issues. Both partners must receive independent legal advice prior to entering into such an agreement. Matters affecting the welfare of the child must be given priority but will always be reviewed by the court in the event of any dispute. Very often, marriage agreements are adopted more often in second marriages where there are children involved.
This Marriage Agreement, also referred to as a “pre-nuptial agreement”,
between ABC and XYZ is entered into this ________ day of _____, between ABC, residing at _____________, and XYZ, residing at ______________, who hereafter shall be collectively referred to as ‘the parties’.
WHEREAS, the parties declare and solemnly swear that they are presently unmarried and through this agreement put forth their intentions to be married to each other within the next _____ days/year. In anticipate of such a marriage, the parties have agreed to set pre-conditions and desire to settle various financial relationships they will enter during their marriage and on termination of their marriage through death, divorce, or otherwise.
Both parties agree that they have in their possession all the requisite information about each other’s assets, liabilities, current source/s of income, and that the said information has been exchanged prior to entering into this marriage agreement, and is herein attached as Schedule A.
Both parties declare that they have had ample opportunity and time to scrutinize the financial disclosures made by the other party as mentioned in Schedule A.
Both parties declare that they enter into this agreement free from any duress or due to any obligation and put forth their signatures of their own free will. Each party owns separate property, attached to this agreement as Exhibits 1 and 2, and hereafter referred to as ‘Separate Property’.
Both parties set forth in this marriage agreement their respective rights in and to all the property owned by each separately before marriage and all property that may be acquired separately after marriage.
In accordance with this marriage agreement, both parties agree as follows:
1. Effective Date
This marriage agreement will come into effect from the date of solemnization of the marriage between the parties.
2. Separate Property
The parties shall continue to retain all rights separately to the property or properties an income acquired, including appreciation, hereafter known as “Separate Property”, and shall continue to have unrestricted rights to dispose of such ‘Separate Property’, free from any claim made by the other in lieu of their marriage. Both parties agree to let each other continue to enjoy the rights, title, and interest, of the ‘Separate Property’, without any interference or future claim to the monies that may accrue during the course of the marriage. For transparency, ‘Separate Property’ shall include any substitutions and exchanges of property in existence or income derived from such property. It also includes any other property purchased separately from the proceeds of sale from a third party of such property.
2.1 Disposition of Property
Both parties have the right to sell, encumber, or dispose of his or her ‘Separate Property’ or any part or parts thereof. The other person will cooperate and join in, if necessary, in such deeds, mortgages, or other instruments as the party desiring to sell or dispose of the ‘Separate Property’ may request.
3. Waiver of Rights
Through this marriage agreement, each party relinquishes any right, title, or interest of whatsoever nature, whether arising out of common law or future statute, in the Separate Property of the other party. This includes and is not limited to distribution of intestacy or any other rights accruing from events prior to their marriage. Such waiver or relinquishment is not applicable with respect to any rights or entitlements any of the parties may have as the surviving spouse.
Both parties agree that they will not be entitled to receive any monies or property from the other as settlement of alimony, maintenance, or spousal support, other than what may be provided in this agreement.
5. Financial Disclosure
Each party acknowledges that the statement of assets and liabilities attached with this marriage agreement as Exhibits 1 and 2 respectively, are true to their knowledge. Neither party can be deemed responsible for any financial obligations of the other beyond what may be provided in Exhibits 1 and 2 of this agreement.
6. Right to Contest
This Agreement does not limit either party to contest any domestic relations suit against the other party. However, in such an event, this agreement can be provided as full and final settlement of property rights between the parties. No party has the right to claim against the other any property, legal fees, suit money, and other expenses which is not provided for in this agreement.
Both parties agree that this marriage agreement supersedes any prior agreements, representations, and covenants, oral or written.
8. Binding on Successors
Each provision in this agreement shall be binding upon the heirs, assigns, personal representatives, and successors of both parties.
If any provision in this agreement is deemed invalid or unenforceable due to laws laid down by the government authority, such provision/s shall be severed from the agreement. However, all the remaining provisions will remain in force.
Both parties have the right to modify this agreement upon the express written consent of both parties. Loss or physical destruction of this marriage agreement shall not be deemed as a modification.
11. Jurisdiction and State Laws
Both parties hereby acknowledge that they have read and understood the terms of this agreement before putting forth their signature and have been advised by their independent legal counsel on the rights, liabilities, and implications of this agreement.
12. This marriage agreement is valid and enforceable within the provisions of the Case Law that governs its interpretation in accordance with the State Law.
Signed _____________ (ABC)
A compromise agreement is an essential document that is legally binding on an employer and employee following termination of employment. These agreements include comprehensive details on severance payment and other important issues like insurance.
Protection for the employer
For employers, compromise agreements are the best mechanism to prevent any future complaints by the employee to a tribunal. These agreements are recognized by law and must be fully understood by the employee before the agreement becomes binding. The usual clauses included in compromise agreements is the full breakdown of the payments the employee is to receive free of tax. Also included is a confidentiality clause that restrains employees from selling the employer’s trade secrets and business affairs to a third party. Apart from proprietary rights, employees also have to agree to refrain from making any derogatory statements against their employer.
Safeguarding the rights of the employee
Compromise agreements are equally important to an employee since they have the opportunity to complain to the tribunal if the employer does not comply with the law in making redundancies. Most employers would not want to go through added legal complications and prefer to reach a settlement through a compromise agreement. These agreements are usually the full and final settlement of any claim that the employee may have against the employer. It is essential to take the utmost precautions when drafting compromise agreements to include claims under statute law. These documents must be properly worded so that there is no room for ambiguity. These agreements must be expressed as being “Without Prejudice and Subject to Contract” in order to prevent any further legal complications.
This Agreement is made on this ________day of ________, BETWEEN
XYZ, having its registered office at ___________, hereafter referred to as ‘the Company’;
ABC, residing at _________________, hereafter referred to as ‘the Employee’
(A) ABC is employed by XYZ under the terms of Service Agreement dated _______. It is hereby intended that ABC’s employment be terminated with effect from ____________.
(B) In accordance with the termination, XYZ and ABC are desirous of entering into this compromise agreement. The purpose of this agreement is to settle any claims by ABC arising out of employment with XYZ.
BOTH PARTIES SET FORTH THEIR SIGNATURE ON THE FOLLOWING CONDITIONS:
1. Termination of Employment
XYZ shall terminate ABC’s employment with effect from __________.
2.1 The Company shall pay all outstanding salary inclusive of holiday pay to the Employee within 7 days from the date of this compromise agreement. The said amount will be less any tax and national insurance contributions up to and including the date of termination.
2.2 Severance Payment
In addition to outstanding payments to be made in accordance with paragraph 2 above, the Company shall pay the Employee as compensation for loss of employment the sum of $____ as Severance Payment, within 14 days of signing this compromise agreement, from which the Company will deduct applicable taxes and other federal and state contributions.
2.3 Insurance & Health Care Coverage
The Company shall maintain all health care coverage, including dental coverage, and all life insurance policies for the Employee up to and including the date of termination.
3. Company Vehicles
The Employee agrees to return on _______ day of _____ the Company’s vehicle bearing registration no. ______________ to the Company along with any documentation related to the vehicle. The Employee undertakes to return the said vehicle in a satisfactory condition at the Company’s premises at ____________________________.
4. Resignation from Director/Officer
4.1 The Employee shall resign as a director/officer of the Company and any of its associated companies with effect from __________. The Employee shall do so by tendering a letter of resignation in accordance with draft in the Schedule attached to this agreement.
4.2 The Employee shall complete all acts and formalities that the Company may require in relation to the Employee’s resignation. This will include all other offices, branches, and affiliates where the Employee may have been appointed during the course of employment.
5.1 The Employee and the Company shall not directly or indirectly publish or communicate disparaging remarks in writing or otherwise, on any matters concerning each other.
5.2 The Employee agrees to keep all the terms of the compromise agreement confidential and shall not disclose it to any other employee of the Company or third party, expect if required by law.
6.1 The Employee shall return any and all property of the Company that the Employee may have in his/her possession on the date of termination. This includes and is not limited to equipment, records, documents, and computer software. The Employee undertakes not to make any copies of the Company’s property, and shall return all originals, copies, and extracts that may have been made during the course of employment.
7. Legal Expenses
Legal expenses related to the preparation and negotiation of the compromise agreement will be paid by the Company.
Upon signing the compromise agreement, the Employee agrees that the terms included are in full and final settlement and there are no further claims that he/she can make against the company. However, this is not limited to the Employee’s rights to claims under law for wrongful, dismissal, disability or racial discrimination, or breach of the Fair Labor Standards Act FLSA.
9. Acknowledgement of Legal Advice for Employee
The Employee declares that he/she has received legal advice from a qualified lawyer on the terms and conditions of this compromise agreement from __________________.
This compromise agreement supersedes all prior agreements, warranties, representations, whether oral or written and is binding on both parties.
For and on behalf of XYZ
For and on behalf of ABC
LEASE PURCHASE AGREEMENTS
Lease purchase agreements are popular legal instruments in real estate purchases. Prior to entering into such an agreement, the buyer and seller ought to obtain legal counsel since every state has specific laws.
Terms and conditions of lease purchase
Lease purchase agreements include details about the property to be leased along with the sum to be paid as rent. Details of the amount that is included as part of the purchase price is also specified in the agreement. Most buyers will want to lock-in the purchase price, which is to be mentioned in the terms and conditions of the lease purchase agreement. The terms and conditions must clearly state whether the option money is refundable in case of termination of the agreement. No other third party shall be allowed to buy the property during the option period. The term of a lease option is usually three years, but is negotiable between the buyer and the seller. In most cases, the option money is not included as part of any down payment.
Option to purchase
In a lease purchase agreement, the lease option expires if the buyer does not purchase the property by the end of the lease option. In the interest of the buyer, a clause ought to be added where the buyer is not obligated to buy the property. The buyer does not have the right to assign the lease purchase agreement to another party without the express written consent of the seller. In these types of agreements, the buyer is usually responsible for maintenance and repairs with reference to the upkeep of the property. This includes payment of taxes and insurance.
This Lease Purchase Agreement dated ___________ is made on this _______ day of _______
XYZ, residing at __________, hereafter referred to as ‘the Seller/Landlord,
ABC, ____________________________, residing at ___________, hereafter referred to as ‘the Buyer/Tenant.
WHEREAS the Landlord is the owner of a real estate property situated in the state of ______ having a street address _________________________________________, hereafter referred to as ‘the Property’.
(A) The Landlord desires to lease and the buyer wishes to pay the sum of $______ per month inclusive of taxes and insurance to the lender of Landlord’s current mortgage. The first payment shall be made on _______ day of ______, which is rent for the Property. All payments as rent shall be payable on the __day of each month. An amount of $_____ shall be credited to the Tenant and applied to the purchase price of the said Property in the event that the Tenant exercises his/her purchase option.
(B) Form of Payment
Payment shall be made by the Tenant each month by cash/personal check/money order/ payable to ____________________ on the 1st day of each month.
(C) In the event of the rent not paid by the due date, the Tenant shall pay a fine of $___.
WHEREAS, the Tenant and the Landlord hereby agree to set forth the terms and conditions of this lease purchase agreement.
1. OPTION TERM
Provided that the Tenant does not default on the agreement, the Tenant has the option to purchase from the period which commences on __________ and expires on _______________________.
2. Notice for Purchase Option
If the Tenant desires to exercise the Option to Purchase, he/she/they shall provide written notice to the Landlord of their intent to purchase. The closing date shall be specified in the notice, which must occur prior to the expiry of this lease purchase agreement.
3. Option Consideration
The Tenant shall pay the Landlord the sum of _____________ as a non-refundable fee in consideration for this Option to Purchase. The amount shall be adjusted in the purchase price at the time of closing.
4. Purchase Price
4.1 Both parties hereby agree on the total purchase price of ____________ for the aforementioned Property. The Landlord shall credit the sum of ________ from each monthly lease payment towards the purchase price, provided the Tenant does not default on this lease purchase agreement.
4.2 Included in the purchase price is all land, buildings, together with improvements, fixtures, electrical fittings, plumbing, heating, window shades, storm windows, awnings, carpeting, in-built kitchen appliances, bathroom fixtures, landscaping, and garage.
The agreement is non-assignable and the Tenant has no right to assign, convey, or transfer the lease purchase agreement to any other party without express written permission of the Landlord.
6. Closing Costs
The Tenant agrees that any fees associated with closing costs shall be borne exclusively by the Tenant.
7.1 The Tenant is solely responsible for obtaining finance in order to exercise the option to purchase. The Landlord makes no warranties of the availability of finance regarding the option to purchase.
7.2 Both parties acknowledge that the availability of finance is unpredictable and this agreement is not entered into on any guarantee made by either party.
If the Tenant defaults on payments under the lease purchase agreement then the Landlord retains the right to terminate this agreement by giving written notice, and seek other remedies available to the Landlord according to law. Upon termination, the Tenant shall not be entitled to any refund of rent. It is expressly understood that the Tenant shall comply with all the terms and conditions of this lease purchase agreement in order for it to be enforceable and effective.
Both parties hereby agree that they are executing this lease purchase agreement voluntarily and not under any duress or undue influence. The parties have read and understood the terms and conditions of the agreement and its binding effect on them. Both parties have sought legal advice prior to setting forth their signature on this lease purchase agreement.
10. Governing Laws
The terms and conditions of this lease purchase agreement shall be governed, construed, and interpreted under the law of the State of ________. Any dispute arising out of this agreement shall be in the jurisdiction of the court of ___________.
No modification or waiver of rights can be made to this lease purchase agreement without the express written consent of both parties.
12. Maintenance and Repairs
The Property is delivered to the Tenant on an ‘as is’ basis on the date of execution of this agreement. The Tenant shall bear all the expenses for maintenance and repair of the said Property. The Tenant shall have the right to undertake improvements as may be deemed necessary, and bear the costs for such improvements.
13. Binding Agreements
Both parties hereby agree that this lease purchase agreement supersedes any other oral or written agreements in relation to the Property. This agreement shall be binding on both parties, their heirs, assigns, administrators, representatives, or successors.
14. Covenants of the Landlord
The Landlord hereby agrees not to lease the Property to any other third party nor pledge, transfer, sell, option, or convey the said Property. Any violation of this paragraph shall be deemed as a breach of contract. The Landlord shall keep all liens, taxes, mortgages, or any other encumbrances on the Property in good standing. The Tenant shall retain the right to
15. Covenants of the Tenant
15.1 The Tenant shall pay all bills, utility charges including and not limited to water, gas, oil, electricity, taxes, and insurance for the said Property from the date of execution of this lease purchase option.
15.2 The Tenant shall use the Property exclusively for residential use and shall obey all laws, rules, regulations, and ordinances of all Federal, State, and Local governmental authorities.
CHILD VISITATION AGREEMENT
A child visitation agreement is an important document and is one of the top priorities of parents after a divorce or separation. The agreement binds both parents to sharing visiting rights with their child. This is important because every child has the right to have a strong relationship with both parents.
Important elements of child visitation agreements
It is important for child visitation agreements to include a comprehensive schedule of visitation rights. These agreements dictate when each parent can spend quality time with the child until the child has reached adulthood. They include details of where your child is to spend the week, weekends, holidays, and school vacations. The agreement must be made with the child’s best interests in focus. Among the major factors that affect child visitation agreements is the age of the child and his/her physical, emotional, and social needs. The distance between the homes of the custodial and non-custodial parent is also an important factor to consider.
Holiday and vacation schedules
Other important issues that influence child visitation agreements are the parents’ work schedules and the role each parent played as a care-giver prior to divorce or separation. The visitation schedule in a child visitation agreement must be segregated as weekday/weekend routine in order to define where the child spends time during the week. The holiday schedule indicates where the child will spend his/her holidays. Birthdays, special events, and long weekend vacation time are also important clauses to be added to the child visitation agreement. Action to be taken in the event of one parent now showing up for visitation is another essential element in child visitation agreements.
CHILD VISITATION AGREEMENT
This Agreement entered into on this _________ day of ________ BETWEEN
ABC, hereafter referred to as ‘the Mother’ or ‘Custodial Parent’ of __________________, hereafter referred to as ‘the Child’, both residing at __________________________________
XYZ, father of ________________, residing at _______________, hereafter referred to as ‘the Father’ or ‘Non-custodial Parent’ of the abovementioned Child.
Both, the mother and father, hereafter referred to as ‘the Parents’, agree to set forth in writing the terms and conditions of visitation rights of the father in this Child Visitation Agreement.
1. The Father shall have access and visitation rights with the Child on alternate weekends i.e. from Friday 5:00 pm to 5:00 pm on Sunday. The visitation rights shall commence from Friday _____________________.
2. The Mother agrees to extend his visitation rights in the event of a legal holiday falling over a long weekend. The father’s visitation rights will extend from 5:00 pm of beginning of the three-day weekend until 5:00 pm on Sunday or Monday, depending on the last day of the holidays. Other legal holidays that may fall on a Tuesday or Wednesday may be alternated between the parents.
3. The Child shall be with the mother on her birthday and on Mother’s Day. Subsequently, the Child will be with the father on his birthday and on Father’s Day for a reasonable period of time as long as it does not interfere with school hours or bedtime.
4. The birthday of the Child shall be alternated, with the father having visitation rights on the Child’s first birthday following this agreement. Visitation rights will be at a reasonable time that shall not interfere with school hours or bedtime.
5. The father shall have visitation rights for one-half of the Christmas school holiday every year. Every year the parents shall alternate the schedule between the first and second half of the Christmas school holidays. During the Easter school holiday, the parents will follow a similar schedule.
6. Thanksgiving holiday weekends shall be alternated by the parents with the non-custodial parent enjoying visitation rights in even-numbered years, and the custodial parent in odd-numbered years. The visitation rights shall commence from 6:00 pm on Wednesday and continue until Sunday 6:00 pm.
7. In order for each parent to spend enough vacation time with the Child and make a suitable schedule for travel and other activities, the parents shall select a period of ____ consecutive days during the summer vacation. Each parent must inform the other of his or her schedule no later than the end of April every year.
8. The non-custodial parent shall spend as much time with the Child as possible and agrees not to leave the Child in the custody of other people or any environment, other than a homely environment.
9. Both parents undertake to avoid arranging any activities that can interfere with the schedules of the other parent set forth in this child visitation agreement.
10. The non-custodial parent shall inform the custodial parent in the event of any unforeseen circumstances that may prevent him from exercising his visitation rights during the year.
11. If the non-custodial parent fails to arrive at the times specified in the child visitation agreement, the custodial parent will only wait for one hour and will consider the visitation cancelled unless prior intimation is provided by the non-custodial parent. Failure to do so on two consecutive occasions within a period of 90 days without notice, all visitation will stop until (1) a Court Order to restore visitation rights, or (2) the non-custodial parent intimates the custodial parent through a written notification sent by registered mail, requesting his desire to resume visitations from a specified date.
12. In emergencies, both parents are authorized to take any steps in order to protect the health and welfare of the Child.
13. Each parent shall intimate the other of any change in his/her residential address, telephone numbers including workplace and home, the Child’s school details, and of any change of location that may occur for more than four days during the year. The information is strictly for the purpose of the Child’s safety and shall not be used as a medium to invade on the other’s privacy.
14. Both parents agree to cooperate fully with the terms and conditions set forth in this Child Visitation Agreement. Each parent hereby agrees to set aside any personal feelings and maintain a level of tolerance and harmony for the welfare of the Child, even though he/she may consider the other parent as being less considerate or reasonable. Love and affection for the Child shall be the primary objective of both parents who must understand the need to share it between them in the Child’s best interest.
15. Neither parent shall say anything of a derogatory nature against the other in the presence of the Child. Both parents hereby agree to refrain from making statements that may tend to dissuade the Child from spending time with the other parent.
16. This Child Visitation Agreement is binding on both parents and supersedes any other oral or written agreement.
17. Both parents hereby declare that they have understood the terms and conditions of this child visitation agreement of their own free will.
Signature (Custodial Parent)
Signature (Non-Custodial Parent)
Every employee must have written proof of his or her employment with an employer. This can be an individual or collective agreement. There are several provisions that must be included in an employment agreement in order to protect both parties.
Nature and term of employment
Employment agreements require a clause that states the intended position of the employee. The nature of the job, duties, and job description can be attached as an annexure to the agreement. The nature and term of the agreement is important in order to provide clarity for both the employer and employee. The period of probation is an essential element of an employment agreement, during which either party has the right to terminate the agreement. The period of probation is usually relevant to the type of employment and skills or managerial level of the employee. The termination clause must be inserted with the rights of both parties to terminate the agreement including the number of days required as notice period. The obligations of the employee and the employer are also essential elements of an employee agreement.
Compensation and other benefits
An employment agreement must include the compensation and benefits the employee shall be provided during the term of the agreement. It must also incorporate a confidentiality clause in order to protect the proprietary rights of the employer. Any perquisites can be added along with all the benefits. Holiday and leave entitlements such as sick leave and personal leave with a clear distinction between paid and unpaid holidays are an important element of an employment agreement.
This Agreement entered into on this _______ day of __________
XYZ, an incorporated company with its registered office at _______________________, hereafter referred to as ‘the Employer’, the party of the FIRST PART
Mr. Y, residing at _________________________ , hereafter referred to as ‘the Employee’, the party of the SECOND PART
WHEREAS both parties wish to enter into this Employment Agreement and agree to put forth their signatures on the terms and conditions of employment mentioned in this agreement.
The Employer and the
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