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Venue and dispute resolution in a contract deals with the following:
(1) Venue - identify the State and County where you want any disputes to be resolved - this is important to establish jurisdiction in a contract matter as well as to identify which court you will be appearing in if there is a contract dispute.
(2) Choice of law - identify which state's law you will be using - usually this will be the same state as that for venue, but for some contracts and parties it will be beneficial to use another.
(3) Attorney's Fees - many contracts have an attorney's fees clause where the party that wins a contract dispute gets their attorney's fees back from the other party in addition to any damages. (Without this clause both sides must pay their own costs and fees regardless of who wins).
(4) Alternative Dispute Resolution - if you want to have arbitration or mediation before (or instead of) litigation, you can put it in here.
I hope the above is helpful, if you have any questions please do not hesitate to ask. Best regards, Bill.
Thanks Bill. Can you tell me what to put for (3) please? I'm sure it's just a few sentences or, if not, point where I can find this text to add to the contract.
I guess (4) is probably not a good idea since there's not way of getting any money back and it relies on the trust between the two parties?
(I'm not sure why this is using a chat window)
Maybe my rating closed this thread but I had an additional questions as you can see.
So, "Toronto, Ontario, Canada" would be sufficient for the "Venue and Dispute Resolution" section?
Also, is it OK to use my name where it says "Company Name:" or should I change that to something else. Thanks.
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