ACCESSORY CONTRACT Meaning and
Definition
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An accessory contract refers to a legal agreement that is secondary in nature and is complementary or supportive to a primary contract or agreement between two or more parties. It is usually created to provide additional terms, conditions, or obligations that are deemed necessary to fulfill the main contract's objectives.
In an accessory contract, the roles and rights of the parties involved are defined and established to ensure the smooth execution of the primary agreement. These secondary contracts often provide supplemental provisions such as guarantees, warranties, indemnification, or penalties to safeguard the interests of the main contracting parties.
Furthermore, accessory contracts are typically entered into to address specific circumstances or contingencies that might arise during the course of the principal contract. They can regulate aspects like adjustment of pricing, delivery terms, variations in scope, or dispute resolution mechanisms, among others.
The validity and enforceability of an accessory contract depend on its connection and dependency on the primary agreement. If the primary contract is found null and void, the accessory contract may also lose its effectiveness. However, in cases where the primary contract can be severed from the accessory contract, the latter may still stand independently.
Overall, accessory contracts play a crucial role in ensuring that all relevant aspects and consequences arising from the main contract are duly addressed and accounted for, thereby fostering clarity, fairness, and certainty in the contractual relationships between parties.
Etymology of ACCESSORY CONTRACT
The etymology of the term "accessory contract" can be understood by examining the origins of the constituent words.
1. Accessory: The term "accessory" comes from the Latin word "accessorius", which means "helper" or "supporter". It is derived from the Latin word "accessus", meaning "approach" or "entry". In English, "accessory" is used to describe something secondary or supplementary to the main thing, providing additional support or assistance.
2. Contract: The word "contract" originated from the Latin word "contractus", which means "drawn together" or "bound". It comes from the past participle of the Latin verb "contrahere", meaning "to draw together" or "to bring together". In modern usage, "contract" refers to a legally binding agreement between two or more parties, usually involving exchange of goods, services, or money.
