Information provided: Overview, definition, and example
What is information provided?
Information provided refers to the data, facts, or details that one party gives to another in a specific context, often as part of an agreement, contract, or transaction. This information can be shared in various formats such as written documents, electronic data, verbal communication, or through other means of communication. The information provided is typically intended to ensure transparency, facilitate decision-making, or meet legal or regulatory requirements. It can include things like financial data, reports, personal details, or any other pertinent facts that one party is obligated or chooses to share.
For example, in a contract, one party might be required to provide information about their financial standing or business operations to ensure that the other party can assess risk or determine eligibility for a deal.
Why is information provided important?
Information provided is important because it allows parties to make informed decisions, ensures compliance with agreements or regulations, and supports transparency and trust between parties. In business and legal contexts, providing accurate and timely information is often essential for the proper execution of contracts, for due diligence purposes, and for fulfilling obligations. It helps prevent misunderstandings, legal disputes, and ensures that both parties have a clear understanding of relevant details before taking action.
For example, in a financial transaction, providing information about assets, liabilities, and other critical financial data helps both parties evaluate the risks involved and make decisions that align with their objectives.
Understanding information provided through an example
Imagine a company applying for a loan. As part of the loan agreement, the company must provide certain information to the bank, such as financial statements, tax returns, and a list of assets and liabilities. This information provided helps the bank assess the creditworthiness of the company and determine whether to approve the loan application.
In another example, when a tenant applies to rent a property, the tenant might need to provide personal information, references, and employment history to the landlord to verify their eligibility for the lease.
An example of an information provided clause
Here’s how an information provided clause might appear in a contract:
“The Parties agree that all necessary and accurate information provided by each Party, including financial records, documents, and other relevant data, will be disclosed to the other Party within [X] days of request, in accordance with the terms of this Agreement.”
Conclusion
Information provided refers to the data, facts, or details shared between parties for the purpose of transparency, decision-making, or fulfilling contractual obligations. It is essential in business, legal, and personal agreements as it ensures that both parties have the necessary information to proceed with a transaction or agreement. Providing the right information at the right time helps prevent misunderstandings, supports fair dealings, and promotes trust between parties.
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.