Definition:
New value is a term used to describe a value that has been recently acquired or given, either as collateral for a debt or as a newly acquired asset, such as money.
The term “new value” refers to the significance, desirability, or utility of something that has recently been acquired or obtained. It can also pertain to the monetary worth or price of an item. For instance, when a company introduces a new product, it enhances the value of its offerings. Similarly, if you purchase a used car and make improvements to it, you are increasing its value. Additionally, when an individual invests in a stock and its price rises, they experience a growth in the value of their investment. These examples demonstrate how new value can be generated or acquired through various means, such as innovation, enhancement, or financial investment.
New value refers to additional consideration given by a party to a contract after the initial agreement has been made.
Yes, new value can be given in any type of contract, including employment contracts, lease agreements, and sales contracts.
Examples of new value include additional payments, services, or goods provided by one party to the other after the initial agreement has been made.
No, new value is not required in every contract. It is only necessary if the contract includes a provision that allows for additional consideration to be given.
Yes, new value can be given by both parties in a contract, as long as it is agreed upon by both parties.
If one party fails to provide new value as agreed upon in the contract, the other party may have the right to terminate the contract or seek legal remedies.
Yes, new value can be given in exchange for a release of liability, as long as it is agreed upon by both parties and does not violate any laws or regulations.
Yes, new value is considered a form of consideration in a contract, as it is additional consideration given by one party to the other.
Yes, new value can be given after a contract has been breached, but it may not necessarily cure the breach or excuse the breaching party from liability.
New value is typically documented in a contract through an addendum or amendment to the original agreement, outlining the additional consideration to be given by one or both parties.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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