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With reference to section 62 of the Indian Contract Act, 1872,“If the parties to a contract agree to substitute a new contract for it, or to rescind or alter it, the original contract need not be performed.”
Which means, the second agreement comes into effect if you signup and automatically the older ones will lose its va...
W Network
caMy company signed a vendor agreement a few years back, and now the vendor gets 's back to us with another agreement that is in few matters contrary to the original agreement. We have held up on this, can you guide us?
-
W Network
caWith reference to section 62 of the Indian Contract Act, 1872,“If the parties to a contract agree to substitute a new contract for it, or to rescind or alter it, the original contract need not be performed.”
Which means, the second agreement comes into effect if you signup and automatically the older ones will lose its validity.
So, be careful when taking a call on this, if you are unhappy with the clauses, negotiate with the vendor for an altered one.
For further reading on this line: How to Manage Contracts Risk in a Startup?
To take this discussion forward, all you have to do is ->"Get Started"
about 3 years ago
View answer
My company signed a vendor agreement a few years back, and now the vendor gets 's back to us with another agreement that is in few matters contrary to the original agreement. We have held up on this, can you guide us?
-
W Network
caWith reference to section 62 of the Indian Contract Act, 1872,“If the parties to a contract agree to substitute a new contract for it, or to rescind or alter it, the original contract need not be performed.”
Which means, the second agreement comes into effect if you signup and automatically the older ones will lose its validity.
So, be careful when taking a call on this, if you are unhappy with the clauses, negotiate with the vendor for an altered one.
For further reading on this line: How to Manage Contracts Risk in a Startup?
To take this discussion forward, all you have to do is ->"Get Started"
about 3 years ago
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