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Describe and explain the term variation clause as it applies to a contract and provide at least 3 examples variation clauses?
Wiki User
∙ 13y ago
Variation Clause in a contract would allow a party to vary the terms stated in the contract, with no need for fresh consideration. Thus, it is easier for changes to contracts to be made.
That said, the variation must be within reasonable limits.
An example would be of the Variation Clause found in an employment contract, where the employer will be able to vary the salary of an employee.
Another common example would be a Price Variation Clause that allows for fluctuation in prices of goods sold or services rendered.
Another common example I can think of is with regards to the interest rates that banks provide for loans and probably savings accounts, depending on the economic environment.
>> All the above are answered based on my general knowledge and is not to be taken as correct interpretations of variation clauses. I do not have any credentials.
Wiki User
∙ 13y ago
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What to do when a contract has a variation clause and an extension of time clause that is unworkable?
describe and explain the term, "variation clause" as it applies to a contract and provide at least 3 examples variation clauses.The question is not clear, since the term "unworkable" extension of time clause is rather vague. The PVC purports to protect the interests of the vendor/contractor and at the same time would not allow the vendor/contractor to make undue profits from the clause. Hence, it is customary to specify that if an extension of time is granted to the vendor/contractor, (say due to the prevalence of a force majeure condition), no price variation would apply to the extended time. This condition would be part of the Contract Amendment documenting the extension of time.
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