Common use of Material Disclosure Clause in Contracts

Material Disclosure. Beplate discloses that in January of 1995 a different configuration of a device intended for the same purpose and market was licensed to another corporation, and Beplate further discloses that he has been informed by counsel, and by more than one of them, that the said corporation and its officers and directors are entirely in default of the provisions of that license agreement, and that any conveyance of rights under that agreement is therefore void, and that Beplate may maintain causes of action as against the said corporation, and against its officers and directors;