CONTRACT REVIEW CHECKLIST
AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF ARIDA WEST ENTERPRISES LLC
- IDENTIFICATION OF THE PARTIES
All parties to the contract are sufficiently introduced, including their addresses.
- ORGANIZATION
The Article on organization is clear and sufficiently describes the organization of the company.
- MANAGEMENT; RESIGNATION AND REMOVAL OF MANAGER
The Agreement has stated clearly and sufficiently the provisions on management of the company.
- CAPITAL CONTRIBUTIONS AND CAPITAL ACCOUNTS
The Agreement satisfactorily explains the provision for capital contribution.
- CHANGE OF OWNERSHIP
The Agreement provisions on assignment, and admission of members are clearly and sufficiently stated.
- VOTING RIGHTS AND MEETINGS
The Agreement’s provisions on voting and meetings are clear and sufficient.
- RECORD-KEEPING REQUIREMENTS.
The Agreement specifies what records are to be kept and what the rights are of members and managers to review those records.
- TERMINATION
The Agreement’s provisions on termination are clear and sufficient.
- LIABILITY AND INDEMNITY
The contract has sufficiently provided the provisions for indemnification. The sub clause on limitation of liability is also elaborate.
Under Section 9.2, the identity of the individuals who are mentioned there is not clear. Accordingly, I shall delete the highlighted area of the Section.
- MISCELLANEOUS
The Miscellaneous clause covers all relevant provisions.
I have added a Non-Compete clause in the miscellaneous under Section 11.13.
I have also added a confidentiality clause under Section 11.14.
Lastly, I have added the dispute resolution provision under Section 11.15. I have chosen Arbitration which is contemporarily used to settle disputes arising from such Agreements.
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