A formation agreement is a type or category of a formal agreement which is made between a party which does the formation work and another party which directs the first party to do some kind of a formation. A formation agreement governs how both the involved parties in the agreement shall act or do their duties during the term of the agreement which is also known as the ‘effective period’. Any formation agreement is legally enforceable and holds legal importance.
A formation agreement may consist of several details such as the details of the parties, details about the formation, monetary details of the amount paid to the party doing the formation work and the terms and conditions of the agreement. The terms and conditions are quite detailed and define the manner in which the formation work has to be done. They also talk about the conditions under which the agreement can be terminated.
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