Wagering Agreement Sample Clauses

Wagering Agreement. An agreement by way of wager is void. No suit will lie for recovering anything alleged to be own on any wager or entrusted to any person to Abide by the results of any game or other uncertain even on which any wager is made (section 30). Wager means a bet. A wager may be defined as an agreement to pay money or money worth on the happening of a specified uncertain event. It is a game of chance in which the change of either winning or losing is wholly dependent on an certain event. The parties to a wagering contract must agree that upon the determination of the said uncertain event, one should win from the other. Each party stands equally to win or lose the bet. The chance of gain or the risk of loss is not one sided. If either of the parties may win but not lose, or may lose but cannot win, it is not a wagering contract is that neither of the parties should have any interest in the contract other than the sum which he will win or lose.

Wagering Agreement. Wager means a bet. It is a game of chance where the probability of winning or losing is uncertain. The chance of either winning or losing is wholly dependent on an uncertain event. Agreements entered into between parties under the condition that money is payable by the first party to the second party on the happening of a future uncertain event, and the second party to the first party when the event does not happen, are called Wagering Agreements or Wager. There should be mutual chance of profit and loss in a wagering agreement. Generally wagering agreements are void. Parties involved in a wagering contract mutually agree upon the nature of the agreement that either one will win. Each party stands equally to win or lose the bet. The chance of gain or the risk of loss is not one sided. If either of the parties may win but not lose, or may lose but cannot win, it is a wagering contract. Essentials of a Wager Agreement are:

Wagering Agreement. 9.8.1 The Parties acknowledge and agree that this Agreement constitutes a wagering agreement (contratto aleatorio) within the meaning and for the purposes of articles ​ ​ 1448 (Azione generale di rescissione per lesione) and 1469 (Contratto aleatorio) of the Civil Code, and, therefore, any variations, fluctuations or differences in the value of the Shares or of the Companies, or in the obligations, risks or benefits assumed by each of them under this Agreement shall be deemed forming part of the ordinary contractual risk (alea normale) inherent to this Agreement. Accordingly, the Parties expressly agree that the provisions and remedies set forth in articles 1448 (Azione generale di rescissione per lesione), 1467 (Contratto con prestazioni corrispettive) and 1468 (Contratto con obbligazioni di una sola parte) of the Civil Code shall not apply to this Agreement.