Common use of Commercial Contract Clause in Contracts

Commercial Contract. The Agreement will have the nature of a commercial contract between the Parties not falling under the scope of the Vienna Convention on the Law of Treaties. The Parties, in connection with this Agreement, unconditionally and irrevocably agree that the execution and performance of this Agreement by the Parties constitute a private and commercial act rather than a public or governmental act, and, that no immunity exists in respect of the Parties and their assets and no immunity can be claimed by it with respect to their assets, should any proceedings be brought against the Parties or their assets arising from or in connection with this Agreement.