Side Agreement UAE Template: All You Need to Know
In the United Arab Emirates (UAE), business relationships are highly valued, and agreements are legally binding. However, situations may arise where the parties involved require a modification of the original agreement, which can be done through a side agreement. A side agreement is an additional agreement that is made between two parties that modifies or supplements an original agreement.
A side agreement is important because it clarifies any misunderstandings or ambiguities that may arise from the original agreement. It is also a good way to ensure that the original agreement is not breached due to unforeseen circumstances.
When creating a side agreement in the UAE, it is important to have a template that outlines the key elements that need to be included. Here are some considerations to keep in mind when drafting a side agreement template:
1. Parties involved: The side agreement should clearly state the names and details of the parties involved. This helps to avoid any confusion and ensures that all parties understand their respective roles.
2. Purpose: The side agreement should clearly state the purpose for which it is being created. This could be to modify a specific clause in the original agreement or to add new terms that were not included in the original agreement.
3. Modification: The side agreement should clearly state the modifications being made to the original agreement. This could be as simple as changing a date or as complex as adding new terms.
4. Effective date: The side agreement should clearly state the effective date from which it will come into effect. This ensures that all parties are aware of when the side agreement will take effect.
5. Signatures: The side agreement should include signatures from all parties involved. This makes the side agreement legally binding and ensures that all parties are committed to upholding the terms of the agreement.
In conclusion, a side agreement is a useful tool for modifying or supplementing an original agreement. In the UAE, it is important to have a well-drafted side agreement template that outlines the key elements that need to be included. By clearly stating the parties involved, the purpose, the modifications, the effective date, and obtaining signatures, all parties can be confident that the side agreement is legally binding and enforceable.
