Assignment Of Collateral Warranties
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How to fill out Partial Assignment Of Life Insurance Policy As Collateral?
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FAQ
Collateral warranties are generally used either where there is an aspect of a particular transaction that is more appropriately dealt with in a separate agreement or where one party wishes to create a direct contractual relationship with a third party in circumstances where a contract would not otherwise exist between ...
A collateral warranty is a warranty which exists ?collateral? to, or next to, an underlying agreement. The most common example is a collateral warranty that sits alongside the building contract. The building contract will be between the contractor and the employer.
A collateral warranty creates a contractual link between the third party and the contractor or professional consultant. A collateral warranty is a contract that sits alongside the underlying contract, such as a building contract or consultant appointment, and grants rights to a third party which can be sued upon.
A collateral warranty is a contract which runs parallel, and is usually supplemental to, another contract. Usually the purpose of a collateral warranty is to create a contractual relationship between two parties where none would otherwise exist.
Common clauses include: ?a warranty that the warrantor will comply or has complied with the terms of the underlying contract (the building and engineering contract, the form of appointment of the construction professional/consultant or the sub-contract, as appropriate);