Question: please read the following scenario and help create a draft for a supply agreement between the two companies. please provide 5-10 provisions in which could
please read the following scenario and help create a draft for a supply agreement between the two companies. please provide 5-10 provisions in which could be used in the agreement.
Imagine you work for Charter Industries, Inc. Charter has been negotiating a supply agreement with Rylon Inc. whereunder Rylon will supply raw nylon materials for Charter's new carpet line, which will be called "EZ Clean by Charter." After negotiating all of the details, Charter and Rylon have reached an understanding as to the pertinent points of the deal. Both parties sign a non-binding letter of intent that sets forth the main aspects of the agreement: Rylon will deliver to Charter all the rylon that Charter requires. Charter will notify Rylon in writing each time it needs a new shipment of rylon. Rylon Inc will deliver each shipment of rylon n to Charter within 2 weeks after receiving the written order from Charter. Charter will pay Rylon $30 for each pound of rylon delivered to Charter, with payment due within 7 days after delivery of each shipment. The contract will last for one year. But either party may terminate the Agreement early and without penalty at any time prior to the end of the one year period by notifying the other party in writing 90 days before the contract is to be terminated. prior to the end of the one year period by notifying the other party in writing 90 days before the contract is to be terminated. If a party breaches the contract, the other party must notify the breaching party of the problem and give them 30 days to cure the problem. If the problem is not cured in that 30 day period, the non- breaching party is entitled to liquidated damages in the amount of $30,000. Charter has asked you to draft the contract with Rylon. Of course, there will be other provisions in the contract as well, and Charter is looking to you to include all provisions in this contract that you think would be appropriate, especially if they protect Charter. Draft the contract and submit it to complete this assignment. Imagine you work for Charter Industries, Inc. Charter has been negotiating a supply agreement with Rylon Inc. whereunder Rylon will supply raw nylon materials for Charter's new carpet line, which will be called "EZ Clean by Charter." After negotiating all of the details, Charter and Rylon have reached an understanding as to the pertinent points of the deal. Both parties sign a non-binding letter of intent that sets forth the main aspects of the agreement: Rylon will deliver to Charter all the rylon that Charter requires. Charter will notify Rylon in writing each time it needs a new shipment of rylon. Rylon Inc will deliver each shipment of rylon n to Charter within 2 weeks after receiving the written order from Charter. Charter will pay Rylon $30 for each pound of rylon delivered to Charter, with payment due within 7 days after delivery of each shipment. The contract will last for one year. But either party may terminate the Agreement early and without penalty at any time prior to the end of the one year period by notifying the other party in writing 90 days before the contract is to be terminated. prior to the end of the one year period by notifying the other party in writing 90 days before the contract is to be terminated. If a party breaches the contract, the other party must notify the breaching party of the problem and give them 30 days to cure the problem. If the problem is not cured in that 30 day period, the non- breaching party is entitled to liquidated damages in the amount of $30,000. Charter has asked you to draft the contract with Rylon. Of course, there will be other provisions in the contract as well, and Charter is looking to you to include all provisions in this contract that you think would be appropriate, especially if they protect Charter. Draft the contract and submit it to complete this assignment