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.
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.
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A standard boilerplate clause, in which the parties agree to cooperate with one another to take any actions not expressly specified in the agreement to carry out the intent of the agreement or implement its provisions.
In the legal context, a provision is a stipulation within a legal document or in a specific law. This can also be known as a clause, contract clause, or contract provision. However, in accounting, provisions refer to any profits allocated for a specific purpose or expense.
What Is the Difference Between a Contract Provision and Clause? A provision in a contract stipulates a condition or requirement. A clause is a section or subsection written into a contract, which may contain one or more provisions within it.
A provision may correspond with a clause, may span several clauses or be contained wholly within a subclause. It is a feature of the contract itself: verbal contracts will have provisions but they will not have clauses. A condition is a set of circumstances that must arise before another action can occur.
A good example of this is with an automobile dealership selling a car that requires financing. The dealer's covenant of assurance to the finance company is the assurance the title is perfected by filling out the proper paperwork reflecting the finance company having a lien against the car as collateral for the loan.
Each provision or clause in subpart 52.2 is prescribed at that place in the FAR text where the subject matter of the provision or clause receives its primary treatment. The prescription includes all conditions, requirements, and instructions for using the provision or clause and its alternates, if any.
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.
Provisions define the terms, conditions, and clauses in a contract that enable you to understand its expectations and limitations. Also, since a contract is a legally binding document, the provisions in the contract determine your legal right and obligations.