Omnibus is defined as “from, regarding or providing many things at once” and “many elements contain or contain”. An omnibus agreement is a combination of these definitions: it is an agreement that generally applies between several parties to all, usually for the good of all, and concerns many different areas in an agreement. Like a letter of intent or an “MOU,” an omnibus agreement can cover any number of activities, whether it is loan contracts, partnership contracts or joint venture agreements. “Omnibus clause.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, www.merriam-webster.com/legal/omnibus%20clause. Access 12 Dec 2020. The word omnibus refers to many things at the same time or actually a lot. It can also mean including or containing multiple elements. One of the most common objectives of this type of agreement is to confirm and live an understanding of the terms of a joint venture between several parties. These sample sets are automatically selected from different online message sources to reflect the current use of the word “omnibus.” The opinions expressed in the examples do not reflect the views of Merriam-Webster or its publishers. Send us comments.
Parties to an omnibus agreement may add additional sections depending on the nature of the existing relationship. You can include an agreement that no interested party will create a competing business at any time in the future. As soon as the parties establish and sign an omnibus agreement, it is a legally binding document and all conditions apply. III. Business opportunities. The key is to clarify that, as long as one of the parties participates in the control of the newly created general partnership, that party and its related companies are prohibited from owning, operating or investing directly or indirectly in competing companies in the partnership. This provision is called “restricted operation.” Another provision in this article, entitled “Exceptions,” should provide a method for the parties to agree to each other to authorize the travel of a party in the restricted operation.