Common use of Gift Clause in Contracts

Gift. something of value voluntarily transferred by one person or entity to another person or entity without compensation. a) Something of value means cash or some other existing identifiable thing that has a fair market value of more than $100.00. b) Voluntarily transferred means: i. The person or entity transferring the thing of value has the intention to voluntarily give it without compensation; and ii. The person transferring the gift is competent (in order to have intention); and iii. The person or entity receiving the gift is an eligible recipient (e.g., some entities have prohibitions against employees accepting gifts); and iv. The thing of value is an existing identifiable thing (e.g., a promise to give something in the future is not a gift); and v. The thing of value is actually transferred.

Gift. something of value voluntarily transferred by one person or entity to another person or entity without compensation. a) Something of value means cash or some other existing identifiable thing that has a fair market value of more than $100.00. b) Voluntarily transferred means: i. : The person or entity transferring the thing of value has the intention to voluntarily give it without compensation; and ii. and The person transferring the gift is competent (in order to have intention); and iii. and The person or entity receiving the gift is an eligible recipient (e.g., some entities have prohibitions against employees accepting gifts); and iv. and The thing of value is an existing identifiable thing (e.g., a promise to give something in the future is not a gift); and v. and The thing of value is actually transferred.