Are Recitals Part Of An Agreement

Sep 11 2021

Third party means a person who is not a party or the related entity of a party that participates in this agreement. The parties may also expressly declare that they are not the subject of a contract. The AIFM shall designate the natural or legal person designated as the AIFM in Annex 1 or any other natural or legal person who may be mandated or appointed as an AIFM by the Management Committee from time to time under this Agreement. Where trade agreements contain a recital before the provisions of the operative part, the recitals are often among the sections of the Treaty that were least taken into account by the parties during the design phase. When performing the contract, the parties expected that the final phase of development would be funded by a third party. But to everyone`s surprise, Blackpool FC moved up to the Premier League and, as a result, BFCP had sufficient resources to carry out the development itself. BFCP argued that the amounts it put into the development should be deducted from the revenues to be shared between the parties. As noted above, the recitals have no legal effect, in the absence of a provision to the contrary, when the contract is clear, but if the contract was ambiguous, a court or arbitrator may comply with them to support its interpretation of the intentions of the parties. .

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