What is in consideration of $10?

The first paragraph of our Conveyance states: "in consideration of the sum of Ten and more dollars ($10.00) cash in hand paid and other good and valuable consideration." These conveyances are recorded in the Courthouse of the County in which the interest is located, thereby placing it of public record.

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Transfer Agreement between Savvis Communications Corp. and Bridge...

Transfer Agreement Form Without Monetary Consideration

Q: What is in consideration of $10?

The first paragraph of our Conveyance states: &quot;in consideration of the sum of Ten and more dollars ($10.00) cash in hand paid and other good and valuable consideration.&quot; These conveyances are recorded in the Courthouse of the County in which the interest is located, thereby placing it of public record.

Q: What does in consideration of ten dollars mean?

The ten dollars is the &quot;peppercorn&quot; that provides concrete consideration and ensures that the contract is valid, while the actual amount paid for the house is hidden and referred to only as the &quot;other good and valuable consideration.&quot;

Category:

Corporations - Public - Agreements - Transfers

State:

Multi-State

Control #:

US-EG-9489

Format:

Instant download

Description

The Transfer Agreement Form Without Monetary Consideration is designed to facilitate the transfer of certain assets, liabilities, rights, and obligations between parties without an exchange of money. This document is particularly useful for entities like corporations that need to formalize an asset transfer while outlining the specific details related to the assets and liabilities involved. The key features of this form include definitions of essential terms, a clear sales outline, obligations of the parties, and procedures for the closing of the transfer. The form provides structured sections for listing assets, liabilities, and the effective date of transfer, which aids in clarity. Parties involved in this agreement, such as attorneys, partners, and legal assistants, should carefully fill out the necessary schedules and ensure all parties acknowledge their responsibilities. Additionally, the form includes provisions related to indemnification and the necessity of third-party consents, making it vital for avoiding future legal liabilities. It's equally important for users to follow proper editing instructions to adapt the form to their specific transaction needs, ensuring all sections are completed accurately and in accordance with relevant laws. Overall, this form serves as a crucial tool for legal professionals navigating asset transfers within corporate structures.

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How to fill out Transfer Agreement Between Savvis Communications Corp. And Bridge Information Systems, Inc. Regarding The Transfer Of Certain Assets And Liabilities?

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FAQ

The first paragraph of our Conveyance states: "in consideration of the sum of Ten and more dollars ($10.00) cash in hand paid and other good and valuable consideration." These conveyances are recorded in the Courthouse of the County in which the interest is located, thereby placing it of public record.

For no reason whatsoever; never.

The ten dollars is the "peppercorn" that provides concrete consideration and ensures that the contract is valid, while the actual amount paid for the house is hidden and referred to only as the "other good and valuable consideration."

Consideration Amount means, with respect to any Market Sale, an amount equal to the cash proceeds actually received by the Financing Provider with respect to such Market Sale.

Without Consideration means, with respect to a transfer of an Option, that the transfer is being made purely as a gift or donation, with no promise or receipt of payment, goods, services or other thing of value in exchange for the Option; provided, however, if the terms of a transfer of Options to an otherwise