Author Archives: Prakhar Rai

What is a Non-Fungible Token (NFT) and an How does it work?

Non-Fungible Tokens (NFTs) are a new type of digital asset that is revolutionizing the way we think about digital ownership. NFTs are unique pieces of code stored on a blockchain that represent ownership of a specific item or asset. They are different from traditional tokens, such as Bitcoin, because they are not interchangeable and each […]

What is the purpose of a contract and why are contracts important for parties?

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A contract is a legally binding agreement between two or more parties. Contracts are typically written and signed by both parties, and they outline the terms of the agreement, including what each party is responsible for and what will happen if the contract is broken. Contracts are important because they help to ensure that both […]

What is a Privacy Policy ?

Privacy Policy is a legal document that is published on the website or application and it incorporates clauses in regard to collection of personal Information of user, how that information shall be used and protected by the website and in what circumstances will the website not be liable for the disclosure of personal information of […]

What is a Service Level Agreement (SLA)? Understanding the Backbone of Service Contracts

Service Level Agreement

In today’s digital age, businesses increasingly rely on external services to power their operations. Whether it’s cloud computing, IT support, telecommunications, or any other outsourced services, companies need to ensure that these services perform reliably. Enter the Service Level Agreement (SLA) — a pivotal component in defining the expectations, responsibilities, and standards between service providers […]

What is an Agreement ?

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An agreement is a promise or arrangement between two or more parties to do, or omit to do, something. It’s usually informal and maybe written or oral. Agreement is considered to be made when two or more persons having common intention make an offer while the others provide  acceptance to such offer. An agreement can […]

LIMITED LIABILITY COMPANY (LLC) FORMATION PROCEDURE -TEXAS

STEP 1: Search for the availability of your business name on https://mycpa.cpa.state.tx.us/coa/ The name must be unique and include an indicator such as “Limited Liability Company” or “LLC.” STEP 2:  appoint a Texas registered agent—an individual or business authorized to accept legal and state mail on behalf of your LLC. Texas requires all LLCs to […]

What is a Disclaimer ?

Disclaimer is a legal document that is published on the website and it provides information about the warranties that the website offers to the users, the limitation on liability of the website and a clause stating that under which circumstances shall the website disclaim all warranties given by it to its users. When is a […]

CONSULTANCY AGREEMENT

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What is a Consultancy Agreement? A Consultancy Agreement is an agreement between two individuals or Companies wherein one party acts as a Consultant and the other as the Client. This Agreement basically lays down the details in regard to the services that shall be provided by the Consultant, term or duration for which such services […]

Collaboration Agreement

What is a Collaboration Agreement? A Collaboration Agreement is an agreement between two or more individuals who collaborate or work together to develop a particular project. This Agreement lays down a detailed description about the relationship of the collaborators, their roles and obligations in regard to the development of the project, ownership of the Intellectual […]

Understanding an Agency Agreement: Key Clauses, Importance, and a Sample Template

In today’s fast-paced business world, companies often rely on third parties, known as agents, to act on their behalf. This is where an Agency Agreement becomes critical. Whether you’re hiring a sales representative, a distributor, or a marketing agent, having a clear Agency Agreement helps ensure that both parties understand their rights, responsibilities, and expectations. […]