Watertight Agreement Meaning

However, there may be circumstances in which the parties may unilaterally modify their contractual obligations, although this power is not unlimited. The courts of the United Kingdom may include in the contract a clause which entails a reduction in this power. It is often advisable to provide predefined trigger points in agreements so that surcharges apply only in circumstances agreed at the time and to describe both the nature of these circumstances and the amount of the tracking surcharge to be applied. What is a watertight contract? From my point of view, it`s like the pot of gold at the end of a rainbow – we all want it to exist, but it`s not. Recent examples such as plumbers Pimlico, Uber and the Oakhurst newspaper have shown how so-called waterproof contracts have leaked to the edges. These sample phrases are automatically selected from various online information sources to reflect the current use of the word « waterproof. » The opinions expressed in the examples do not reflect the opinion of Merriam-Webster or its editors. Agreements can often be renewed under essentially the same conditions, but with a change in the applicable tariffs for the subsequent renewal period of the agreement. There are mechanisms that can be used to predict predetermined price adjustments, many of which are based on index-related changes such as the Shanghai Containerized Freight Index (SCAS) or certain elements of the FICS for relevant trade relationships, or consider other forms of published and independent indices to make interest rate adjustments. . . .