Standard form contracts or sometimes called “contract of adhesion, boilerplate contracts or take it or leave it” contracts. These contracts have agreed on terms that are standardized, non-negotiated provision with no to little negotiation terms. These contracts are usually in preprinted forms.
These contracts are made between two parties where one party who has more bargaining power prepare this contract for the other party who have less bargaining power. These contracts are usually prepared by corporate lawyers who are far away from where the transaction is taking place.
Example of Standard Form Contract:
In the banking sector, every bank provides a prepared agreement form to its client who is there for account opening or credit agreement.
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