Application of Legal Protection to Parties in Business Model Agreements Sample Clauses

Application of Legal Protection to Parties in Business Model Agreements. One of human nature is to have basic rights inherent in him that should not be ignored or deprived by anyone, including the right to life, family rights, self-development rights, justice rights, freedom rights, communication rights, security rights, and welfare rights.20 To fulfil and protect these rights in a society that has different interests, steps are needed by forming legal norms. Law functions as a protector and recognition of human rights owned by legal subjects in the state based on a legal provision. Legal protection is present to ensure justice, certainty and expediency for every citizen.21 Legal protection is very important to know and provide certainty that a person will get his rights and obligations. With adequate legal protection, there will be a sense of security and trust for the parties to an agreement.22 The function of cooperation agreements in business is very important as a guarantee that all rights and obligations of the parties must be carried out and fulfilled. The goal to be achieved in an agreement is the content of the agreement itself, and in determining the content of the contract, while maintaining freedom of contract as its foundation, it must not be contradicted by law. This is included in Yotta's business model agreement, to provide protection for the parties Yotta chooses to use a mudharabah contract system or a profit- sharing system. Mudharabah is a form of cooperation between two or more parties where the owner of the capital (Shahibul Maal) entrusts a certain amount of capital to the manager (mudharib) with an agreement on profit sharing. This form confirms the co-operation with 100% capital contribution of shahibul maal and expertise of mudharib. Mudharabah is not only used in transactions in Islamic banking, but has also begun to be used among the community. One form of implementation of this mudhrabah contract is used by xxxxx as a contract in a business cooperation agreement.23 This is in accordance with the contract stated in the yotta business contract, where investors or capital providers are passive, and only receive sales reports and profit sharing every 3 months.24 In relation to legal protection for parties using the mudharabah business model refers to several laws and regulations. In the context of Indonesian law, there are several legal products related to mudharabah as a form of cooperation, both in the form of legal regulations and fatwas of the National Sharia Council of the Indonesian Ulema Council ...
Sample 1
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Related to Application of Legal Protection to Parties in Business Model Agreements

  • Limitation of Liability No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

  • Miscellaneous The Vendor acknowledges and agrees that continued participation in TIPS is subject to TIPS sole discretion and that any Vendor may be removed from the participation in the Program at any time with or without cause. Nothing in the Agreement or in any other communication between TIPS and the Vendor may be construed as a guarantee that TIPS or TIPS Members will submit any orders at any time. TIPS reserves the right to request additional proposals for items or services already on Agreement at any time.

  • Definitions For purposes of this Agreement:

  • Governing Law This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  • Entire Agreement This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • Confidentiality (a) Subject to Section 7.15(c), during the Term and for a period of three

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.

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