Contingency Contract With Kick Out Clause In Georgia
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The 72 hour clause is usually written into sales contracts by the seller, this allows a seller to keep the home on the market and accept backup offers on the property during. This clause is also commonly known as the escape clause, release clause, kick-out clause, hedge cause or right of first refusal clause.
Understanding the 72-Hour Clause in Fire Insurance It states that any loss of or damage to the insured property arising from a single fire peril during the period of 72 consecutive hours shall be deemed as a single event and therefore subject to one deductible and one claim limit.
A contingency clause should clearly outline the conditions, how the conditions are to be fulfilled, and which party is responsible for fulfilling them. The clause should also provide a timeframe for what happens if the condition is not met.
What is a “kick out” clause and how does it work? A kick out clause is called that because it allows a seller to continue showing the house for sale and to “kick out” the buyer if the seller receives an offer from another buyer without a home sale contingency.
Kick-Out Rights (VIE definition): The ability to remove the entity with the power to direct the activities of a VIE that most significantly impact the VIE's economic performance or to dissolve (liquidate) the VIE without cause.
“Kick Out” Clause Notwithstanding any other terms of this Agreement, SELLER shall have the right to continue to market SELLER'S property for sale.
