Meetings: Overview, definition and example
What are meetings?
Meetings refer to scheduled gatherings or assemblies where individuals come together to discuss, decide, or review specific issues, objectives, or tasks. Meetings are an essential part of business, organizational, and legal processes, and they may take place in person, over the phone, or via video conference. In legal contexts or contracts, meetings may refer to official gatherings of stakeholders, directors, or partners, during which decisions are made, agreements are reached, or actions are planned.
Meetings can include board meetings, shareholder meetings, annual general meetings (AGMs), or other gatherings for decision-making or informational purposes.
Why are meetings important?
Meetings are important because they facilitate communication, decision-making, and collaboration among stakeholders, employees, or parties involved in a project or agreement. They ensure that all relevant information is shared, ideas are exchanged, and any necessary decisions are made. In business and legal contexts, meetings provide a formal setting for making important decisions, approving financial statements, voting on resolutions, or resolving conflicts.
Including a meeting clause in contracts or agreements can help ensure that all parties are clear about when and how meetings will be held, what the agenda will be, and how decisions will be documented.
Understanding meetings through an example
A company’s board of directors schedules an annual meeting to review the company’s performance, approve financial statements, and make decisions regarding future strategies. During the meeting, the board members discuss the company’s performance, vote on the proposed resolutions, and set goals for the upcoming year.
An example of a meetings clause
Here’s how a meetings clause might appear in a contract:
“The Parties agree to hold quarterly meetings to review the progress of this Agreement. The first meeting shall be held within 30 days of the Effective Date, and subsequent meetings will occur every three months thereafter. Meetings may be held in person or virtually, with at least 10 days' notice given to all Parties, specifying the agenda and any documents to be reviewed.”
Conclusion
Meetings are an essential tool for communication, decision-making, and problem-solving in various contexts, especially in business and legal agreements. Including clear provisions for meetings in contracts helps establish expectations regarding frequency, notice, and decision-making processes, ensuring that all parties are aligned and informed. Whether for informal updates or formal resolutions, meetings play a crucial role in achieving organizational goals and maintaining transparency.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.