New Consideration Sample Clauses
The "New Consideration" clause defines the requirement that any modification or amendment to an existing contract must be supported by new consideration—meaning something of value must be exchanged by both parties for the change to be legally binding. In practice, this could involve one party agreeing to provide additional services, make a further payment, or extend a deadline in exchange for a corresponding concession from the other party. This clause ensures that contract modifications are enforceable and prevents parties from making changes without mutual benefit, thereby upholding the principle that contracts must be supported by consideration to be valid.
New Consideration. Executive expressly acknowledges that Executive would not be entitled to all of the consideration described herein if Executive did not execute this Agreement and General Release that is enforceable against Executive. Executive has no agreement with any Employer Entity that gives Executive any right or claim to the consideration described herein without first providing a release to any Employer Entity and the Parties Released. There is no practice or policy of any Employer Entity that gives Executive any right or claim to the consideration described herein without providing a release to each and every Employer Entity and the Parties Released.
New Consideration. The benefits that Employee receives under portions of Section 2 and certain other provisions of this Agreement are not required by Company policies or procedures or by any contractual obligation of the Company, constitutes new consideration to which Employee was not already otherwise entitled to, and are offered by the Company solely as consideration for this Agreement.
New Consideration. As additional and new consideration for this Agreement, Employee will be eligible to participate in the Company’s Long Term Incentive Plan; subject to the terms and conditions of the program. Participation in the foregoing compensation program is conditioned on Employee’s agreement to, and continuing compliance with, the terms of this Agreement, as determined by Company. Employee understands and agrees that this additional consideration has material value and benefit, and that he/she is not entitled to participate in the program unless he/she has signed this Agreement.
New Consideration. You are entitled to the payments, vesting rights and other benefits provided for in this letter agreement only if you (a) timely sign and return to the Company this letter agreement, (b) do not revoke your acceptance as provided for in Section 20, below, and (c) comply with all the provisions of this letter agreement.