Monetary consideration refers to the financial compensation or payment exchanged between parties within a contract as part of their mutual agreement. It serves as a crucial element to validate a contract and may involve a specified amount agreed upon for services, goods, or other contractual obligations.
Form of Offer for Awards involving monetary consideration (a) Each Offer for Awards involving consideration must be in writing (which includes email), include an Application if acceptance is required, and specify the following to the extent applicable: (i) the identity of the Employee to whom the Offer is made; (ii) the terms of the offer, or a summary of the terms of the offer with a statement that, on request, a copy of the full terms of the offer will be provided to the ESS Participant; (iii) provide general information about the risks of acquiring and holding the ESS Interests; (iv) state that advice given in relation to the offer does not take into account the ESS Participant’s objectives, financial situation and needs; (v) suggests that the ESS Participant obtain personal advice in relation to the offer; vi) states the period during which the ESS Participant may accept the offer; vii) if ESS Interests may be acquired under the offer using a loan or contribution plan, then the: (A) terms of the loan or plan; or (B) a summary of the terms of the loan or plan and a statement that, on request, a copy of the plan or loan will be provided to the ESS Participant; (viii) any other terms or conditions that the Board decides to include; and (ix) any other matters required to be specified in the Offer by either the Corporations Act or the Listing Rules.
Form of Offer for Awards involving no monetary consideration (a) An Offer for Awards will be made for no monetary consideration if: (i) no monetary consideration is to be provided for the issue or transfer of the interests; and (ii) if the Offer is for Options or Performance Rights, no monetary consideration is to be provided on the exercise of the Options or Performance Rights; and (iii) the offer meets any requirements prescribed in the Corporations Regulations from time to time. (b) Offers for Awards made for no monetary consideration will be made in writing (which includes email) and, at the discretion of the Board, may only be accompanied by a statement that the offer is made pursuant to Division 1A of Part 7.12 of the Corporations Act.
The aforementioned monetary consideration shall be paid to Party C in stages according to the financing amount ascertained in Party A’s prospectus, where payment will be 40% of the amount of financing in each period. If there is a balance within 40% of the total amount after full payment of the monetary consideration, the balance shall be preferentially used for Party B’s provision of funds under Article 1.6. The aforementioned consideration in the form of shares shall be issued by Party A to Party C before December 31, 2019. This transaction will be the taxpayer’s own responsibility.
Non-monetary consideration shall not be accepted by COMPANY, any AFFILIATE, or any SUBLICENSEE for any LICENSED PRODUCTS or LICENSED PROCESSES or IDENTIFIED PRODUCTS without the prior written consent of M.I.T. In the event that non-monetary consideration is received for LICENSED PRODUCTS or LICENSED PROCESSES or IDENTIFIED PRODUCTS, NET SALES shall be calculated based on the fair market value of such non-monetary consideration (including all elements of such consideration), as determined by the parties in good faith.
Grant of restricted stock units for no monetary consideration. The shares underlying the restricted stock units will be delivered in accordance with the terms of the award agreement between the Issuer and the Reporting Person.
Monetary consideration refers to a payment or financial compensation exchanged between parties in a contract. It denotes the value that each party agrees to give or perform under the terms of a legal agreement or contract. This consideration is essential for the enforceability of a contract, as it signifies that each party has something to gain or lose. Monetary consideration is typically expressed in terms of money, such as cash, check, or electronic transfer.
Monetary consideration should be used whenever drafting or entering into a contractual agreement that involves an exchange of goods, services, or rights for monetary payment. It is particularly relevant in transactions such as:
When writing monetary consideration in a contract, it is important to be clear, specific, and detailed to avoid misunderstandings. Here are some guidelines:
State the Amount: Clearly specify the exact monetary amount, using both numerals and words.
Example: $5,000 (Five thousand dollars)
Due Dates: Indicate when the payment is due, whether it’s a one-time payment or occurs in installments.
Example: The sum of $10,000 shall be paid in monthly installments of $1,000 each, commencing on January 1, 2024.
Payment Method: Include acceptable forms of payment, such as cash, check, bank transfer, etc.
Example: Payment shall be made via electronic bank transfer to the seller’s nominated account.
Conditions of Payment: Outline any conditions that apply to the payment, such as penalties for late payment or discounts for early payment.
Example: A 5% late fee shall apply to any payment received more than 5 days after the due date.
Monetary consideration is a common element in many types of contracts, including but not limited to:
Including monetary consideration in these contracts ensures that all parties are aware of the financial obligations and helps to create a legally binding agreement.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
A month-to-month tenancy clause outlines a rental agreement where the tenancy automatically renews each month until either party provides a notice to terminate the arrangement. This type of tenancy offers flexibility for both the tenant and landlord, typically requiring a 30-day notice period for termination.
A monthly retainer clause stipulates a fixed fee paid to a service provider or consultant on a recurring monthly basis to ensure their availability and commitment to perform specified duties or services. This arrangement is common in professional services, allowing clients to secure consistent access to expertise while providing the service provider with predictable income.
A "most favored customer" clause is a contractual provision ensuring that the customer receives terms as favorable as those granted to any other customer. This clause typically requires the seller to extend the same benefits or prices to the favored customer whenever offering better terms to others.
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