What is an escalation clause?
An example of an AI chatbot conversation about escalation clauses in contracts.
What is an escalation clause?
An escalation clause is a provision in a contract that allows for adjustments in price based on certain conditions.
Can you give me an example of how it works?
Sure! For instance, in real estate, an escalation clause might increase the purchase price if competing offers are made.
Are there any risks associated with using an escalation clause?
Yes, one risk is that it can lead to bidding wars, potentially driving the price higher than expected.
How can I negotiate an escalation clause in my contract?
You can negotiate by setting clear limits on how much the price can escalate and under what conditions.
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