VARIANCE BY CONTRACT Clause Samples
The "Variance by Contract" clause allows the terms of a contract to differ from standard provisions or default rules that might otherwise apply. In practice, this means that the parties can agree to modify, exclude, or supplement certain legal requirements or template terms to better suit their specific needs or circumstances. For example, statutory obligations or industry-standard practices may be expressly altered within the contract. The core function of this clause is to provide flexibility, enabling parties to tailor their agreement and override default rules that would otherwise govern their relationship.
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VARIANCE BY CONTRACT. The President may approve a contract that either reduces the University’s ownership rights or reduces the University’s share of net income if, in the President’s judgment, the contract is in the best interests of the University. If the University’s ownership rights are reduced or the University’s share of net income is reduced to below 50%, the President shall inform the commissioner of the contract and shall indicate the reason for approving it.