Tolling Agreement Language

Tolling Agreement Language: What You Need to Know

When entering into a tolling agreement, the language used is key to ensuring that all parties are on the same page and that the agreement is enforceable. A tolling agreement is a contract that extends the statute of limitations for a legal claim or dispute. It is commonly used in construction projects, where delays or disputes can result in claims for damages.

Here are some key elements to include in tolling agreement language:

1. Clear definition of terms: Make sure that all terms used in the agreement are clearly defined. This will help prevent any misunderstandings and ensure that the agreement is enforceable.

2. Scope of the agreement: Clearly define what the tolling agreement will cover. This may include specific claims or disputes, the time period that the agreement covers, and any other limitations or restrictions.

3. Parties involved: Clearly identify all parties involved in the agreement, including their names, addresses, and contact information.

4. Obligations of each party: Spell out the obligations of each party involved in the agreement. This may include deadlines, responsibilities, and any other requirements.

5. Payment terms: If money is involved, include payment terms in the agreement. This may include the amount of payment, when payment is due, and how payment will be made.

6. Termination of the agreement: Include provisions for terminating the agreement, including any notice requirements and what happens if the agreement is terminated.

7. Governing law: Identify the governing law for the agreement. This is important in case any disputes arise.

In addition to these key elements, it is important to use clear and concise language in the agreement. Avoid using overly technical terms or legal jargon that may be confusing for non-lawyers.

By including these elements in the tolling agreement language, you can help ensure that the agreement is clear, enforceable, and beneficial for all parties involved. As a copy editor, it is important to review tolling agreement language carefully to ensure that all the necessary elements are included and that the language used is clear and concise.

This entry was posted on 28th February 2023. Bookmark the permalink.