"The contract between the parties shall be legally binding and enforceable under the applicable laws. Both parties agree to fulfill their respective obligations in good faith and without any undue delay. In the event of a dispute arising out of or in connection with this agreement, the matter shall first be resolved through mutual discussion and negotiation. If the dispute remains unresolved, it shall be referred to arbitration as per the Arbitration and Conciliation Act, and the decision of the arbitrator shall be final and binding. Furthermore, any legal proceedings shall be subject to the jurisdiction of the competent courts in [City/State]. This agreement represents the entire understanding between the parties and supersedes any prior verbal or written agreements."