Exclusive Rights Contract: Everything You Need to Know
An exclusive rights contract is used in almost every transaction in some shape or form. When you enter into a contract with one or more parties, you are all promising to bring different things to the table. 3 min read
An exclusive rights contract is used in almost every transaction in some shape or form. When you enter into a contract with one or more parties, you are all promising to bring different things to the table. This can be anything from a simple sale of goods to a huge multi-national transaction. Everyone involved must know their rights within a contract in the event something goes wrong and a lawsuit is filed.
What Are Contract Rights?
Contract rights are granted via an enforceable contract. These can be disclosed in a written contract, including the rights to use a copyrighted piece of material. The rights can also be taken from the meat of the contract. This includes all party’s rights to an equal and fair disclosure of the elements of the agreement.
There are contract rights on each side of the contract. For instance, one person could have the right to buy something while the other person could have the right to provide that item to the buyer.
Every contract is different and will pertain to different sorts of rights based on the needs of those involved. Contract “duties” is another way to refer to those obligations, which both parties have within the terms of a contract.
What Are Some Typical Contract Rights?
One of the most essential rights is the right for both parties fairly deal with the agreement with good faith. This is referred to as “good faith and fair dealing.” This right is embedded inside all contracts. It simply means that all parties to the agreement have to exhibit a reasonable attempt to ensure there is honesty with the others in the contract. It also states that the party should disclose all matters that are reliant upon the contract. Specifically, these rights include:
· The right to a timely monetary transaction for a product or service
· The right to ownership of a product or service
· The right to transfer or otherwise resell ownership to someone else
· The right to file a lawsuit regarding a contract issue
Contract rights may occasionally be assigned to another party. This can be necessary in many instances. For instance, these rights would be required if a construction company wants help from another business to finish a project.
Delegations and assignments can sometimes be very complex and may need to be handled by an attorney.
What If My Contract Rights Have Been Violated?
You may have a legal claim if you think that your rights were violated. Carefully check your contract and make sure you understand any special provisions pertaining to your rights in that area. You may also gather any additional documentation and statements from witnesses that can help show that your rights were violated.
In addition, you need to write a short account of the incident and the reasons why you believe there was a violation. If there is a breach of contract, a non-breaching party can enforce the contract and also sue for any damages stemming from the breach.
The non-breaching party can also be allowed several remedies including:
· Monetary damages
· Specific performance
· Contract cancellation
Can I Transfer My Rights to a Third Party?
You can transfer your rights to a third party. This is the case unless it is prohibited in your contract. Rights that arise form a contract that can be transferred if the transfer rights in no way change the duties of the other parties in the contract, or if they increase the burden of risk carried by other parties to the contract.
A party to the contract can also choose to delegate his or her duties to another party under the contract if no special skills are required to do so.
Do I Need a Lawyer for Help with Contract Rights?
Contract rights are among the most important elements to a contract. If you think you need help with your contract, it is best to consult with an attorney to help navigate the process. Your attorney will look at your contract to make sure you have a strong case. He or she can represent you in court if there is a lawsuit involving your contract rights.
If you need help understanding your rights in a contract, you can post your legal need on UpCounsel’s marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.