The Time Waiver agreement is a crucial document used in Swiss legal practice when parties need to extend or waive statutory limitation periods for specific claims or obligations. This document becomes particularly relevant when approaching the end of limitation periods, during complex negotiations, or in situations where parties need additional time to resolve disputes or fulfill obligations. The Time Waiver must carefully comply with Swiss law requirements, particularly the Swiss Code of Obligations (OR) Articles 127-142, which govern limitation periods and their modification. The document specifies the original obligation, identifies all relevant parties, and clearly outlines the scope and duration of the waiver. It's essential to note that while Swiss law generally allows parties to modify limitation periods, certain restrictions apply to protect public interest and prevent abuse.
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1. Parties: Identification and details of all parties to the agreement
2. Background: Context of the original obligation and circumstances leading to the time waiver
3. Definitions: Key terms used in the agreement, including specific time periods and obligations concerned
4. Original Obligation: Description of the underlying obligation subject to the time waiver
5. Waiver Declaration: Express waiver of specific limitation periods and acknowledgment of consequences
6. Duration of Waiver: Specific period for which the limitation period is being waived or extended
7. Legal Effect: Statement of the legal consequences and effectiveness of the waiver
8. Representations and Warranties: Confirmations by parties regarding their authority and understanding of the waiver
9. Governing Law: Confirmation of Swiss law application and jurisdiction
10. Execution: Signature blocks and execution requirements
1. Consideration: Details of any consideration provided for the waiver, if applicable
2. Conditional Clauses: Any conditions that must be met for the waiver to remain effective
3. Related Claims: Treatment of related claims or obligations affected by the waiver
4. Severability: Provision for partial invalidity of the waiver
5. Notices: Communication procedures between parties regarding the waiver
6. Third Party Rights: Impact of the waiver on rights of third parties, if relevant
1. Schedule 1 - Original Agreement: Copy or extract of the original agreement containing the obligation subject to the waiver
2. Schedule 2 - Timeline: Chronological overview of relevant dates and periods
3. Schedule 3 - Supporting Documents: Any relevant correspondence or documentation supporting the waiver
4. Appendix A - Power of Attorney: If parties are represented by attorneys, their authorization documents
5. Appendix B - Corporate Resolutions: If parties are companies, relevant board resolutions authorizing the waiver
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