This form provides boilerplate contract clauses that give further assurances and pre-closing assurances to the various parties of the contract agreement. Several different language options are included to suit individual needs and circumstances.
Alaska Negotiating and Drafting Further Assurances and Pre-Closing Assurances Provisions
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By Practical Law Commercial. A boilerplate further assurance clause that seeks to ensure that the parties carry out any additional acts necessary to give effect to the contract, including the procuring of such acts by third parties. Further assurance - Practical Law UK - Thomson Reuters thomsonreuters.com ? ... thomsonreuters.com ? ...
Each Party must promptly execute all documents and do all things that another Party from time to time reasonably requests to affect, perfect or complete this Agreement and all transactions incidental to it.
Parties who wish to define a wider set of circumstances when failure to perform a contract will be excused and the consequences of failure are generally free to do so. Clauses which deal with these matters are commonly called force majeure or hardship clauses.
Further assurance clauses are intended to create legal obligations requiring one or more of the parties to a contract to commit to do unspecified acts to reassure the other party will do what is reasonable or necessary to bring home the full benefit of the contract. further assurance clauses: additional contract rights - Hall Ellis Solicitors hallellis.co.uk ? further-assurance-clauses hallellis.co.uk ? further-assurance-clauses
What Is a Further Assurance Clause? Further assurance clauses normally require all parties involved to act cooperatively and complete any actions that are deemed necessary once an agreement has been executed to make sure that the agreement's original intent is fully realized.
A covenant of further assurances is the related promise that the grantor will do whatever is necessary to remove a defect associated with title, such as an encumbrance, if it arises, and if the problem is not fixed, damages will be awarded. The express promise of doing whatever is necessary is a huge promise.
This clause provides a buyer with the assurance that their right to possess the property won't be negatively impacted by any legal claims made against the property by a third party. Further Assurances: Everything You Need to Know - UpCounsel upcounsel.com ? further-assurances upcounsel.com ? further-assurances