Bet Contract
BET CONTRACT
1. Introduction
This Bet Contract (the "Contract") is entered into on [Date] by and between [Your Name], residing at [Your Company Address], herein referred to as "Party 1," and [Name of Party 2], residing at [Address of Party 2], herein referred to as "Party 2." The purpose of this Contract is to establish the terms and conditions of a bet between the Parties.
2. Definitions
"Bet": The agreement between Party 1 and Party 2 to wager on the outcome of Super Bowl LIX, as defined herein.
"Event/Competition": The specific sports event or competition upon which the bet is placed, namely Super Bowl LIX.
"Stakes": The consideration or wager placed by each party, as outlined in Section 3 of this Contract.
3. Terms of the Bet
3.1 Description
The Bet pertains to predicting the outcome of the Super Bowl LIX mentioned above.
3.2 Conditions
The bet shall be considered valid if both parties agree to the terms herein and if the outcome of the Super Bowl LIX is verifiable through publicly available sources.
3.3 Stakes
Each party agrees to contribute USD 1,000 to the bet. The winner shall be entitled to USD 2,000, while the loser shall forfeit their stakes.
4. Duration
From the date that this contract is executed, the bet that is outlined herein shall remain in full effect. This will continue until the conclusion of the Super Bowl LIX, at which point the terms and conditions of the bet, as defined by this contract, will cease to apply.
5. Termination
5.1 Conditions for Termination
The bet may be terminated early by mutual agreement of both parties or by circumstances such as the cancellation or invalidation of the Super Bowl LIX.
5.2 Consequences
In the event of early termination, the stakes shall be returned to their respective parties, and no further obligations shall be owed.
6. Representations and Warranties
Both parties involved in this Contract, are making a clear representation and providing a warranty that they are indeed of a legal age and possess the necessary capacity to enter into such a contract. They also assert that they have the capability of fulfilling all the obligations under the guidelines and conditions that are stated in this Contract.
7. Dispute Resolution
7.1 Mechanism
Any disputes arising under this Contract shall be resolved through good faith negotiations between the parties.
7.2 Mediation/Arbitration
If the parties are unable to resolve the dispute through negotiations, they agree to submit to mediation administered by a mutually agreed-upon mediator. If mediation fails, any unresolved disputes shall be finally settled by arbitration under the rules of [Arbitration Institution].
8. Governing Law
This Contract shall be governed by and construed under the laws of [Jurisdiction].
9. Confidentiality
Both parties involved in this contract have mutually consented to uphold the secrecy surrounding the terms as well as the existence of this contract. The only exception granted to this confidentiality clause will be when the law mandates the disclosure of such information.
10. Miscellaneous Provisions
10.1 Entire Contract
This Contract constitutes the entire understanding and agreement between the parties concerning the subject matter herein.
10.2 Amendments
No amendments or modifications to this Contract shall be valid unless made in writing and signed by both parties.
10.3 Severability
If any provision of this Contract is held to be invalid or unenforceable, the remaining provisions shall continue to be valid and enforceable to the fullest extent permitted by law.
10.4 Waiver
The failure of either party to enforce any provision of this Contract shall not constitute a waiver of such provision or any other provision herein.
11. Signatures
IN WITNESS WHEREOF, the parties have executed this Contract as of the date first above written.
[Name of Party 2]
[Date Signed]
[Your Name]
[Date Signed]
