A contract rider is an attachment to a contract. It can be a schedule, an amendment or any other writing that may modify the original contract. Riders allow contract drafters to avoid rewriting an entire contract.Know More
Riders are common in the insurance industry to modify coverage terms and conditions. Riders can also state that certain portions of the contract are not effective.
Riders can be added to standard contracts to modify the purpose or subject of the contract. This enables parties to save time and money by not having to write similar contract language repeatedly. Riders are also used in lawmaking to avoid rewriting an entire bill.Learn more about Law
A contract is null and void when it can no longer be legally enforced. If one party to the contract gives an indication that it is unable to hold up its end, the other party may claim an anticipatory breach of contract. If the agreement is unconscionable or grossly unfair to one party, or one party commits fraud, the contract may be void.Full Answer >
According to LegalMatch, examples of voidable contracts include those entered into with a minor, made under duress or through fraud, or made while mentally incapacitated by an illness or under the influence of a controlled substance. By law, a person under the age of 18 is not considered mature enough to enter into any contract, and any such signed by a minor are not enforceable if they choose to break the contract.Full Answer >
Vitiating elements of contracts are things that make a contract void, and the existence of such elements invalidate and negate the full terms of the legal document, according to the Social Science Research Network. Examples of such elements are mistakes in the contract, overall illegality of portions of the document, misrepresentation of facts, duress and undue influence.Full Answer >
A contract line item number is used to specify the commodities being acquired for traceable accounting classification on a federal government contract. A CLIN is usually located in section B of the contract, and it is vital for reporting and billing purposes within the contractor's accounting system.Full Answer >