Contracts play a crucial role in various aspects of our lives. They are legal agreements that outline the terms and conditions between parties involved. Contracts can cover a wide range of topics, from business partnerships to employment agreements. However, different types of contracts may contain specific components that serve different purposes. In this article, we will explore two common elements found in contracts: schedules and exhibits, and understand the key differences between them.
A schedule in a contract refers to a document or section that provides additional details, specifications, or lists related to the main agreement. It is often used to provide specific information that may change or need to be updated without altering the entire contract. Schedules are commonly used in complex contracts to simplify the main agreement and make it more manageable. For example, a construction contract may include a schedule listing the materials required, their quantities, and delivery dates.
On the other hand, an exhibit in a contract is a document or attachment that supports or supplements the main agreement. It can include various forms, charts, diagrams, or photographs that provide visual representation or additional information related to the contract. Exhibits are typically used to provide evidence, clarification, or further context to the contractual terms. For instance, a non-disclosure agreement may contain an exhibit listing the confidential information that needs to be protected.
While both schedules and exhibits serve as additional components of a contract, they differ in their purpose. Schedules provide specific details or lists that are integral to the main agreement, whereas exhibits offer support, evidence, or supplemental information.
Contracts can vary widely based on their nature and the parties involved. Here are some other examples of agreements that may interest you: