What are some common contract terms I should know?
An example of an AI chatbot conversation about common contract terms in agreements.
What are some common contract terms I should know?
Common contract terms include 'indemnity', 'liability', 'termination', and 'confidentiality'. Would you like to know more about any specific term?
Can you explain what 'indemnity' means?
Indemnity is a contractual obligation of one party to compensate another for certain damages or losses. It protects against legal liability.
What does 'termination' refer to in a contract?
'Termination' refers to the conditions under which a contract can be ended by either party, including notice periods and reasons for termination.
Are there any other important terms I should be aware of?
Yes, terms like 'force majeure', 'arbitration', and 'governing law' are also crucial. Would you like details on any of these?
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