By virtue of this agreement means that as a result of this agreement. This phrase is commonly used in legal documents and contracts to indicate that a certain outcome or condition will be a result of the agreement being made.
When parties enter into an agreement, they are essentially signing a contract with each other. This contract will outline the terms and conditions of their agreement, including what each party is responsible for and what they will receive in return. By virtue of this agreement, the parties are bound by the terms laid out in the contract.
For example, let`s say two companies are entering into a partnership agreement. By virtue of this agreement, both companies agree to work together towards a common goal, share resources, and split profits. If either party were to violate any of the terms of the agreement, they would be in breach of contract and potentially face legal repercussions.
The use of the phrase „by virtue of this agreement” helps to make the terms of the contract clear and unambiguous. It confirms that both parties understand the obligations they are agreeing to and the consequences of not fulfilling them.
Additionally, by virtue of this agreement can also be used to refer to certain rights or privileges that are granted to one or both parties as a result of the agreement. For example, a company may be granted access to certain intellectual property or technologies that they otherwise would not have had access to. This would be a result of the agreement that they have entered into.
In conclusion, by virtue of this agreement is a commonly used phrase in legal documents and contracts to indicate that certain outcomes or conditions are a result of the agreement being made. It helps to make the terms of the contract clear and unambiguous and confirms that both parties understand their obligations. So, it is important to understand this phrase before entering into an agreement with any party.