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5 days ago · The Invoice Management System, or IMS, is a new feature within the GST portal that will allow recipient taxpayers to accept, reject, or keep invoices filed by their supplier taxpayers pending. Mismatches between invoices filed by suppliers and returns submitted by recipients are a significant issue taxpayers face when claiming input tax credits.
Mar 16, 2020 · Representations and warranties are important clauses in the contract. These terms are using interchangeably. It is important to analyze some provisions relating to differences between representations and warranties.
Jun 25, 2024 · Representations and warranties are key elements of commercial contracts, acting as formal statements of fact that parties count on while finalising a contractual relationship. For example, a seller may represent to the buyer that the subject business has a certain number of active contracts.
- Representations
- Warranties
- Distinction Between Representations and Warranties
- Clarity from Foreign jurisdictions.
- Indian Law
Representations are assertions which the parties to an agreementmake to each other which shield the contracting parties from anymisgivings related to the transaction. Representation can bedefined as 'a presentation of fact either by words of byconduct, made to induce someone enter into a contract'.Representations can be explicit or implied and appl...
A warranty is a promise that a condition or an assertion of factis true and is typically supported by an implied promise ofindemnity if the condition or assertion is false. A warranty mayapply to the present and future. A warranty is a contractualstatement that a condition is, and/or will be, true when madeand/or for a period of time, often for the...
Conceptually, 'representations' and 'warranties'are different; however, in practice, they have often been bundledtogether and used interchangeably. This is especially true inIndia, where the terms have not been defined under the ICA, therebyleaving room for ambiguity. However, the two terms are separate anddistinct from each other having different ...
The theoretical distinction between representations andwarranties can be understood from English law. A representation isbasically an assertion of a past or existing fact, true on the datethat it is made. It is generally given to induce another party toenter into a contract. A warranty on the other hand, is similar toa representation but it refers ...
As already pointed out above, the ICA which is the statutory lawon contracts in India, does not define 'representation' and'warranty'. In fact, the word warranty does not see mentionin the statute. This raises the obvious question about whetherIndian law distinguishes between representations and warranties innormal contracts. It is clear however th...
Jan 13, 2024 · Interchangeably used, ‘representations and warranties’ actually carry distinct legal meanings: a ‘representation’ involves a positive statement of fact that entices the acquirer into contractual agreement; conversely –a ‘warranty’ guarantees the preservation of a specific state.
Feb 24, 2024 · Nature: Representations are pre-contractual statements of fact, whereas warranties are promises or guarantees within the contract. Breach Consequences: A false representation leads to a claim for misrepresentation, while breaching a warranty leads to a breach of contract claim.
People also ask
What is the difference between representations and warranties?
Are representations and warranties backed by indemnities?
What are representations and warranties in a commercial contract?
Is a clause a representation or a warranty?
Representations and Warranties are used interchangeably in clauses and are often drafted as a part of the same clause; however, the two terms are separate, have a different meaning and essence, which is determined on a case to case basis. The consequences in the event of breach of either Representations or Warranties are also different.
