Essentials of sale agency agreement

Agents are intermediaries that sell goods or services on one’s behalf in return for commission. For this purpose, the Sales Agency Agreement is crafted to lay down the rights and obligations of each party. The agreement specifies  The agents' payment structures (commissions, percentage of profits, etc.) for selling the product(s)        For acting on behalf of the Principal and/or  For performing sales functions as laid down in the agreement Key considerations in appointing an agent in South Africa are: • One...

Read More

How can a pre-nuptial agreement save you money?

Importance of a prenuptial agreement Prenuptial agreement is an important written document that is drafted and signed by a couple who is going to enter into a marital relationship. This agreement or contract is prepared to safeguard the rights of both in case of marriage failure. In such a situation, the division of property and other joint assets usually become a matter of dispute and prenuptial agreement plays its vital role by providing a...

Read More

Importance of separation agreement

Separation: When a couple who have been living together as husband and wife decide to separate, their parting may have no legal consequences, except when they have established some form of partnership which is then to be disbanded. For a married couple with no hope of reconciliation, however there are many legal implications. Separation occurs when a couple chooses to no longer reside as a married couple. Therefore finances, assets, and debts are divided among the two, and they can begin living separate lives Moreover, couples also talk about...

Read More

How you can discharge from an old contract to a new one in a legal way?

Alteration, amendment and discharge of contracts and agreements in business are common practice. Unfortunately, majority of business populaces ignore the legal aspects of discharge of contracts. What exactly is a legal way to discharge or substitute an existing contract into a new one? Simply through "Novation" What is Novation? Novation is one of a rare legal concept through which one party transfers all its obligations, rights, services and debts under a contract to a third party, with the consent of his original counter-party. When Novation...

Read More

Similarities and differences between a substituted contract and a novation

Substituted contract and novation A substituted contract is when two or more parties in a joint venture find the existing contract or agreement irrelevant or ineffective and replace it with another or new agreement with the consent of all parties involved. If the original or previous agreement is in written form then the substituted contract will also be in written form as well. It can also be identified as a contract variation agreement in which the whole contract is not changed but certain amendments are made to fulfil different requirements. On...

Read More

Importance of Employment policies and procedures

Importance of Employment policies and procedures In order to smoothly run any department or business whether private or public, the employment policies and procedures play a vital role. These policies help both, employer and employee, to work according to the rules and regulations defined clearly in the employment agreement which is generally derived from the policies of the state. The employee policy includes everything associated with the working discipline of employees and employers that helps both of them to create and maintain a healthy and...

Read More

What is considered as Breach of a shareholder agreement?

A shareholders’ agreement is a written consent or contract reached between company and some or all of its shareholders. It deals with all aspects ranging from relationship between the parties, personal rights and obligations of the shareholders.. The aim of shareholders’ agreements in South Africa is to regulate and record the relationship between shareholders and the Company, and the relationship amongst the shareholders themselves Together with the company’s articles of association a shareholders’ agreement creates internal “rules” upon which...

Read More