Side Or Beneficiary Agreement
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Side Or Beneficiary Agreement
A side agreement is an addendum, supplement, or amendment to a primary contract that covers issues not covered by the primary contract. Under the law of contracts, a side agreement has the same force as the primary contract. However, some courts have denied the validity of beneficiary agreements in specific circumstances. Side agreements are often used in financial or property transactions or other commercial contracts.
Side or beneficiary agreements are often used as part of a business organization’s governance strategy. These contractual agreements, which typically grant the organization a license or other rights to use another company’s intellectual property, can have a significant financial or operational impact and should be subject to similar controls as other legal documents.
Our legal consultant team is experienced in helping clients with company formation in Dubai and UAE-wide, including free zones. We offer a full range of services for all company types, including Public Shareholding companies and those owned 100% by federal or local government agencies and affiliated companies.
It’s not gentleman’s agreement , it is a valid, legal contract in every sense of term
different types of
Beneficiary Agreements
There are many different types of beneficiary agreements. The most common is a beneficiary commercial contract, which is designed to ensure that your business
and finances benefit from your death.
Beneficiary commercial contracts allow you to appoint beneficiaries who will receive the proceeds of your life insurance policy upon your death. If you have children, it may be wise to name them as beneficiaries so that they can use the money on their education or other needs. The amount of money paid to beneficiaries depends on the type of policy you have in place and what type of beneficiary agreement you choose. There are several different types of beneficiary agreements:
A Last Will and Testament This document names beneficiaries for all assets in the estate, including cash and real estate. If you don’t want specific assets to go to certain people, such as an ex-spouse or other family member, you should specifically exclude them from the will.
A Living Trust Document A living trust is sometimes called a revocable trust because it can be changed or revoked at any time before death. It also has two parts: one part that covers assets during your lifetime and another part that covers assets after your death. You must designate a trustee to manage the property while you’re alive and then distribute it according to the instructions set.
How To obtain a beneficiary commercial agreement:
- Determine what type of beneficiary commercial agreement you need for your business.
- Search for potential panners based on the criteria you identify.
- Send an inquiry to the partner you choose, outlining the product or service you want them to provide and how much you’re willing to spend on it.
- Wait for a response from your potential partner, and negotiate until an agreement is reached that suits both sides’ needs and interests.
Documents required for side or beneficiary agreement:
- A copy of your ID (driver’s license, passport, etc.)
- A copy of the deed of conveyance, if any.
- A copy of the plan and profile of the property.
- A copy of the purchase contract, including all addenda and attachments. This should be provided by the seller.
- Copies of any other written agreements between the parties that pertain to the subject property. This may include financing documents, leases, easements, or other documents related to ownership of the property. These should be provided by the seller.
At Legal House, we help you create a side or beneficiary agreement that suits your needs. Our Dubai-based senior lawyers will help you draft a side agreement that protects your interests while protecting those of your counterparties as well. We can also advise you on how best to implement such an arangement within your business operations so as not to disrupt them unnecessarily, contact us for a free consultation at +971 558005160.
