Common use of PARTIES TO THIS CONTRACT Clause in Contracts

PARTIES TO THIS CONTRACT. Sample 25.1 The person or persons purporting to sign this Contract for or on behalf of the Owner, warrant(s) that he/she/they has/have the authority to bind all of the registered proprietors of the Property (jointly and severally if more than one), to the Owner’s obligations under this Contract. 25.2 The terms “Owner” and “Builder” shall also be deemed to include their respective executors, administrators, successors and permitted assigns. 25.3 Where the Owner is made up of two or more individuals or entities then each of them shall be bound jointly and severally by the Owner’s obligations under this Contract. 25.4 If the Property is owned by trustees, and any of the trustees is not a beneficiary (actual or contingent) of the trust, then the liability of that trustee (the “Independent Trustee”) is limited to the assets of the trust. However if any other party to this Contract suffers loss as a result of the intentional default or the dishonesty (but not negligence) of the Independent Trustee in breach of trust, then the Independent Trustee will be personally liable to the extent that the trust assets do not satisfy the loss.

PARTIES TO THIS CONTRACT. Sample 25.1 24.1 The person or persons purporting to sign this Contract for or on behalf of the Owner, warrant(s) that he/she/they has/have the authority to bind all of the registered proprietors of the Property (jointly and severally if more than one), to the Owner’s obligations under this Contract. 25.2 24.2 The terms “Owner” and “Builder” shall also be deemed to include their respective executors, administrators, successors and permitted assigns. 25.3 24.3 Where the Owner is made up of two or more individuals or entities then each of them shall be bound jointly and severally by the Owner’s obligations under this Contract. 25.4 24.4 If the Property is owned by trustees, and any of the trustees is not a beneficiary (actual or contingent) of the trust, then the liability of that trustee (the “Independent Trustee”) is limited to the assets of the trust. However if any other party to this Contract suffers loss as a result of the intentional default or the dishonesty (but not negligence) of the Independent Trustee in breach of trust, then the Independent Trustee will be personally liable to the extent that the trust assets do not satisfy the loss.