The Time Waiver agreement is essential in German business and legal practice where standard statutory limitation periods or contractual deadlines need modification. This document type is particularly useful in complex commercial transactions, ongoing business relationships, or dispute resolution scenarios where parties require additional time flexibility. The agreement must be drafted in strict compliance with German civil law, particularly the German Civil Code (BGB), which sets specific restrictions on the modification of limitation periods. A Time Waiver typically includes detailed provisions about the affected time periods, scope of the waiver, and safeguards to ensure legal compliance. It's commonly used in scenarios involving complex due diligence processes, multi-party negotiations, or situations where parties need to preserve legal rights while continuing negotiations or business operations.
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1. Parties: Identification of the parties entering into the time waiver agreement, including their legal status and addresses
2. Background: Context of the agreement, including reference to any underlying contracts or disputes
3. Definitions: Key terms used in the agreement, including specific time periods and legal concepts
4. Subject Matter of Waiver: Specific description of the time periods, deadlines, or limitation periods being waived
5. Scope of Waiver: Extent and limitations of the time waiver, including any specific claims or rights affected
6. Legal Compliance: Confirmation of compliance with German law, particularly BGB §202 and related provisions
7. Duration: Period for which the time waiver remains effective
8. Governing Law and Jurisdiction: Explicit statement of German law application and competent courts
1. Commercial Terms: Additional provisions specific to business-to-business relationships, required when parties are merchants under HGB
2. Cross-Border Provisions: Special provisions for international aspects, needed when agreement has cross-border implications
3. Severability: Clause ensuring partial invalidity doesn't affect entire agreement, recommended for complex waivers
4. Alternative Dispute Resolution: Provisions for mediation or arbitration, useful for complex commercial relationships
5. Notices: Formal requirements for communications between parties, important for complex ongoing relationships
1. Schedule 1: Affected Time Periods: Detailed list of specific limitation periods, deadlines, or time limits being waived
2. Schedule 2: Related Agreements: List of underlying agreements or disputes to which the time waiver relates
3. Schedule 3: Authorized Representatives: List of persons authorized to act under the time waiver agreement
4. Appendix A: Timeline: Visual representation of affected time periods and new deadlines
Relevant legal definitions
Agreement
Affected Time Periods
Business Day
Claim
Commencement Date
Effective Date
Extended Period
German Business Day
Limitation Period
Original Deadline
Parties
Reference Date
Related Agreements
Relevant Claim
Statute of Limitations
Time Extension
Underlying Agreement
Waiver Period
Waived Rights
Working Day
Affected Time Periods
Business Day
Claim
Commencement Date
Effective Date
Extended Period
German Business Day
Limitation Period
Original Deadline
Parties
Reference Date
Related Agreements
Relevant Claim
Statute of Limitations
Time Extension
Underlying Agreement
Waiver Period
Waived Rights
Working Day
Clauses
Relevant Industries
Financial Services
Insurance
Real Estate
Manufacturing
Professional Services
Construction
Technology
Healthcare
Retail
Energy
Transportation
Legal Services
Relevant Teams
Legal
Compliance
Risk Management
Corporate Governance
Business Development
Commercial Operations
Dispute Resolution
Corporate Secretariat
Legal Operations
Contract Management
Relevant Roles
Legal Counsel
Corporate Lawyer
Compliance Officer
Contract Manager
Risk Manager
Chief Legal Officer
Business Development Manager
Commercial Director
Claims Manager
Dispute Resolution Specialist
Corporate Secretary
General Counsel
Legal Operations Manager
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