Interim Agreement (Drafting)
Interim Agreement means an agreement between a private entity and a responsible public entity that provides for phasing of the development or operation, or both, of any project. Such phases may ranges from design, planning, engineering, environmental analysis and mitigation, financial and revenue analysis etc.
There can be two type of interim agreement:
A temporary agreement would be helpful if the parties feel that they’re not quite ready to determine something such as final support terms. This temporary agreement would be binding until the parties ultimately make a permanent agreement. A permanent agreement could be used if the parties when you are certain about the terms and conditions.
VARIOUS TYPES OF INTERIM AGREEMENT MADE UNDER MARITAL CASES:
1.MOVE OUT AGREEMENTS:These agreements allow one party to vacate the family home without jeopardizing her or his rights to ultimately occupy the home or spend a majority of time with the children. With such an agreement, the parties can agree on rules, such as access to the home, method and scope of communication and a temporary parenting schedule.
2.STOP THE CLOCK:Stop the clock agreements (STCs) stop the accrual of marital property, including bonuses, 401-k contributions, appreciating businesses, as well as the accrual of debt. Rather than the traditional approach to accomplishing this goal, i.e., filing a litigation, this can be achieved through a confidential, negotiated agreement, within your control.
3.CASHFLOW:Cashflow agreements focus on clarifying expenses, and which are joint and which are separate, once the parties live in separate homes, even temporarily. Working this out in advance, anticipating upcoming expenses and budgets, can prevent conflicts that inevitably arise when we avoid conversations, causing confusion and tension. It is a great relief to take off your plates the need for regular (or even daily) communication about how to pay for house or child related items.
4.FINANCIAL CONFIDENCE REGARDING ASSETS/LIABILITIES:When a legal action for divorce is filed, the court imposes “Automatic Orders” which prohibit both parties from spending outside of the ordinary amounts, and making major changes to finances. This includes restrictions on selling marital assets, withdrawing from retirement accounts, taking on unreasonable debt, or shifting or reducing insurance coverage for the spouse and/or children. These “Automatic Orders” can be very comforting to parties who have difficulty communicating, as well as trust issues.