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Sagot :
An escalator clause is the type of agreement that protects the providers of goods and services whenever they encounter an unreasonable financial hardship as a result of uncontrollable increases in the costs required to deliver products to consumers.
What is an escalator clause in a contract?
In a contract, the escalator clauses allows for an automatic increase in wages or prices if certain specified conditions change in the future. It also allow parties to enter into long-term contracts without worrying that changes in business conditions could make the agreement unfavorable.
In other contracts, it is used to guarantee wage increases, protect landlords from missing out on higher rents or help property buyers to win auctions.
In an overview, this main purpose of the clause is to allow people to commit to long-term contracts without worrying that changes in external circumstances could hurt them, hence, its ensures the contracts remain fair to all parties involved.
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