Common use of Formation of the Agreement Clause in Contracts

Formation of the Agreement. a) Contracts are legally binding only when executed by the Buyer in writing. Any additions and/or amendments agreed between the Parties must be confirmed in writing in order to be binding. b) If the Supplier does not object in writing within one week from receipt of the Purchase Order of the Buyer, then at the end of this period, the Purchase Order shall be considered accepted under the Terms and Conditions described herein. Within this time period, the Purchase Order may be revoked by the Buyer without the Supplier being entitled to damages or other claims, except if the Supplier has accepted the Purchase Order in writing. c) Until the fulfillment of the Purchase Order by the Supplier, the Buyer is entitled, for operational reasons and to the extent of what can reasonably be expected of the Supplier, to request changes regarding the execution of the Purchase Order by the Supplier. The consequences of such changes, especially regarding additional or reduced costs and time of performance, shall be appropriately agreed upon by mutual written agreement. d) The Supplier is only authorized to have the services or parts thereof performed by third parties upon prior written consent of the Buyer. e) If the Supplier becomes insolvent after the conclusion of the Agreement or if bankruptcy proceedings have been initiated concerning its assets, then the Buyer has the right - without prejudice to any other claims - to immediately terminate the Agreement.