Sem categoria
When it comes to business, it`s essential to have clear and concise contractual agreements in place to ensure that both parties are on the same page. One such phrase you may come across in business agreements is `based on an agreement`. But what does this mean exactly?
When we say that something is `based on an agreement,` we mean that the terms of the agreement are the foundation for any subsequent actions or decisions. In other words, any actions taken or decisions made must be in accordance with the previously agreed-upon terms.
For example, let`s say that two companies decide to enter into a partnership. They draft a contract that outlines each company`s responsibilities, profit sharing, and communication protocols. The contract is `based on an agreement` as it serves as the blueprint for how their partnership will operate.
If one company decides to make changes to their responsibilities or communication protocols without first discussing it with the other company, they would be acting outside of the agreed-upon terms, and this could lead to conflict.
In legal terms, being `based on an agreement` means that any subsequent modifications or changes to the agreement must also be agreed upon by both parties. This ensures that both sides are aware of any changes and that they agree to them before they are implemented.
In practice, `based on an agreement` can also mean that a certain action or decision is contingent upon the existence of an agreement. For example, a contract might state that a payment will be made `based on an agreement` between the two parties.
This means that the payment will only be made if the two parties have agreed to the terms of the agreement. If there is no agreement in place, the payment cannot be made.
In conclusion, understanding the phrase `based on an agreement` is important for anyone involved in business dealings. It highlights the importance of having clear and concise contractual agreements in place and emphasizes the need for communication and transparency between business partners. By ensuring that all actions and decisions are `based on an agreement,` businesses can operate smoothly and minimize the likelihood of disputes and misunderstandings.