Sponsorship Agreement Meaning

It is important to clarify all the essential concepts used in the Treaty. The definition clause includes the meaning of the terms set out in the treaty. Let`s say for example compensation, intellectual property, branding, etc. This clause helps the parties to draw conclusions about the specific terms of the agreement. The provision is very important and should not be overlooked in the treaty, as it describes how the parties would resolve a dispute that might arise during the event or in the future. This is a very common clause that most lawyers forget to include in the contract. It stipulates that in the event of a dispute between the parties, what route should be taken: whether they should opt for negotiations, disputes, arbitration or mediation procedures. The rules must be established with the agreement of both parties.