Common use of Guidance Note for clause 4 Clause in Contracts

Guidance Note for clause 4. 2: For the Variation Agreement to form a contract that binds the parties, consideration must transfer from one party to another. Consideration is the price (usually money) paid by one party for the other party's promise (for example, the promise to undertake the project). Whilst some variations to the Agreement will result in additional Fees being paid, there may be occasions when a variation will not satisfy the requirement for consideration (for example, the variation is only to project details, such as milestone dates or key personnel). To ensure that this Variation Agreement is legally binding and satisfies the consideration requirement, this clause requires each party to pay $1 in consideration to the other party. Note that this payment is for administrative purposes and only payable on demand. The parties are not required to demand or exchange $1 in order for the Variation Agreement to be binding.

Guidance Note for clause 4. 2: For the Variation Agreement to form a contract that binds the parties, consideration must transfer from one party to anotherbetween each party. Consideration is the price (usually money) paid by one party for the other another party's promise (for example, the promise to undertake the project). Whilst some variations to the Agreement will result in additional Fees being paid, there may be occasions when a variation will not satisfy the requirement for consideration (for example, the variation is only to project details, such as milestone dates or key personnel). To ensure that this Variation Agreement is legally binding and satisfies the consideration requirement, this clause requires each party to pay $1 in consideration to the each other party. Note that this payment is for administrative purposes and only payable on demand. The parties are not required to demand or exchange $1 in order for the Variation Agreement to be binding.

Guidance Note for clause 4. 2: For the Variation Agreement to form a contract that binds the parties, consideration must transfer from one party to another. Consideration is the price (usually money) paid by one party for the other party's promise (for example, the promise to undertake the project). Whilst some variations to the Agreement will result in additional Fees being paid, there may be occasions when a variation will not satisfy the requirement for consideration (for example, the variation is only to project details, such as milestone dates or key personnel). To ensure that this Variation Agreement is legally binding and satisfies the consideration requirement, this clause requires each party to pay $1 in consideration to the other party (on demand by the other party. Note that this payment is for administrative purposes and only payable on demand. The parties are not required to demand or exchange $1 in order for the Variation Agreement to be binding).

Guidance Note for clause 4. 2: For the Variation Agreement to form a contract that binds the parties, consideration must transfer from one party to anotherbetween each party. Consideration is the price (usually money) paid by one party for the other another party's promise (for example, the promise to undertake the project). Whilst some variations to the Agreement will result in additional Fees being paid, there may be occasions when a variation will not satisfy the requirement for consideration (for example, the variation is only to project details, such as milestone dates or key personnel). To ensure that this Variation Agreement is legally binding and satisfies the consideration requirement, this clause requires each party to pay $1 in consideration to the each other party (on demand by that other party. Note that this payment is for administrative purposes and only payable on demand. The parties are not required to demand or exchange $1 in order for the Variation Agreement to be binding).