Exhibits and schedules: Overview, definition, and example
What are exhibits and schedules?
Exhibits and schedules are supplementary documents attached to a contract or agreement. They provide additional details, clarification, or support to the main contract.
- Exhibits typically include visual or written material such as charts, diagrams, pictures, or detailed information that clarifies specific terms or aspects of the agreement. Exhibits often include things like financial statements, product descriptions, or blueprints.
- Schedules are lists or detailed outlines that provide specific information referenced in the main contract. They might include timelines, payment schedules, inventory lists, or other data that expands on the contractual obligations or terms outlined in the agreement.
Why are exhibits and schedules important?
Exhibits and schedules are important because they offer clarity and detail that can’t always be fully captured in the main body of a contract. By attaching this supplementary material, both parties ensure there’s no ambiguity about the terms, performance expectations, or other important details. They help make the contract more thorough and provide a quick reference for complex information that might otherwise clutter the main document.
Understanding exhibits and schedules through an example
Imagine a business entering into a contract with a supplier for a bulk purchase of goods. The contract might include an exhibit that shows the specific product specifications, including images of the items and any other relevant technical details. It also might include a schedule that outlines the delivery dates and payment milestones, ensuring both parties are clear on the timeline and financial terms.
In another example, a real estate lease agreement might contain an exhibit with a map of the leased property, showing the exact boundaries and locations of the spaces being rented. It might also include a schedule that outlines the rent payment schedule, including amounts, due dates, and any penalties for late payments.
An example of an exhibits and schedules clause
Here’s how an exhibits and schedules clause might appear in a contract:
“The Parties agree that the following Exhibits and Schedules are attached hereto and form an integral part of this Agreement: Exhibit A – Product Specifications, Exhibit B – Pricing List, Schedule 1 – Payment Terms, Schedule 2 – Delivery Dates.”
Conclusion
Exhibits and schedules provide essential details that support the main body of a contract, ensuring both parties have a clear understanding of the terms and obligations. By including these supplementary documents, businesses can avoid misunderstandings and ensure that all aspects of the agreement are properly outlined and referenced.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.