Purpose; Duration Clause Samples

The "Purpose; Duration" clause defines both the intended objective of the agreement and the period during which it remains in effect. It typically outlines what the parties aim to achieve through their relationship and specifies the start and end dates, or the conditions under which the agreement will terminate. By clearly stating the agreement's scope and timeframe, this clause ensures that both parties understand the contract's goals and the limits of their obligations, thereby preventing misunderstandings about when and why the agreement applies.
Purpose; Duration. (a) The purpose of the Company is to engage in and conduct the Business, directly or, to the extent specifically authorized in this Agreement, indirectly through other Persons. The Company shall not form or have any Subsidiaries other than Ownership Entities or as otherwise authorized in or pursuant to this Agreement. The Company shall have all powers necessary, desirable or convenient, or which the Manager deems necessary, desirable or convenient, and may engage in any and all activities necessary, desirable or convenient, or which the Manager deems necessary, desirable or convenient, to accomplish the purposes of the Company or consistent with the furtherance thereof. (b) Subject to Section 9.1, the Company shall continue in existence perpetually.
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Purpose; Duration. (a) The purpose of the Company is to engage in any business or activity for which a limited liability company may be formed under the Act. The Company shall have all the powers necessary or convenient to accomplish the purposes of the Company or consistent with the furtherance thereof. (b) Subject to Section 8.1, the Company shall have perpetual existence.
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Purpose; Duration. (a) The Company may engage in any lawful business unless a more limited purpose is stated in the Certificate. (b) Subject to Section 7.1, the Company shall continue in existence perpetually. ARTICLE Ill Management and Operations of the Company 3.1. Management ofthe Company's Affairs. (a) The management of the Company is vested exclusively in the manager of the Company (the "Manager"). The Initial Member is hereby appointed as the Manager. Subject to the terms and conditions of this Agreement, the Manager shall have full and exc1usive power and discretion to, and shall, manage the business and affairs of the Company in accordance with this Agreement. (b) No Person dealing with the Company or the Manager shall be required to determine, and any such Person may conclusively assume and rely upon, the authority of the Manager to execute any instrument or make any undertaking on behalf of the Company. No Person dealing with the Company or the Manager sha11 be required to determine any facts or circumstances bearing upon the existence of such authority. Without limitation of the foregoing, any Person dealing with the Company or the Manager is entitled to rely upon a certificate signed by the Manager as to: (i) the identity of the Initial Member; (ii) the existence or non-existence of any fact or facts that constitute a condition precedent to acts by the Manager or are in any other manner germane to the affairs of the Company; (iii) the identity of Persons who are authorized to execute and deliver any instrument or document of or on behalf of the Company; or (iv) any act or failure to act by the Company or any other matter whatsoever involving the Company or the Initial Member. (c) Notwithstanding anything to the contrary contained in this Agreement, the parties hereto acknowledge and agree that: (i) nothing contained in this Agreement creates any fiduciary duty on behalfof the Initial Member or the Manager; and (ii) the Company hereby expressly waives any fiduciary duties that may otherwise be deemed to be owed by the Initial Member or the Manager to the Company.
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Related to Purpose; Duration

  • Agreement Duration The term of the Agreement shall begin and end on the dates indicated in the Standard Grant Agreement, unless extended or terminated earlier in accordance with the applicable terms and conditions. The Grantee shall be eligible for reimbursement for work performed on or after the date of execution through the expiration date of this Agreement, unless otherwise specified in Attachment 2, Special Terms and Conditions. However, work performed prior to the execution of this Agreement may be reimbursable or used for match purposes if permitted by the Special Terms and Conditions.

  • Rejection During Probation ‌ (a) The Employer may reject any probationary employee for just cause. A rejection during probation shall not be considered a dismissal for the purpose of Clause 10.

  • Pact Duration The provisions of this Pact shall come into effect from the date of signing of this Pact by the both parties. It expires for the Contractor 12 months after the last payment under the respective contract, and for all other Bidders 6 months after the contract has been awarded. If any claim is made / lodged by either party during this time, the same shall be binding and continue to be valid despite the lapse of this pact as specified above, unless it is discharged/determined by the Chairperson of the Principal.

  • Contract Duration This contract shall commence with the date this contract was entered into and shall expire on August 31, 2022. No new projects may be assigned on or after the expiration date, but all projects assigned prior to the expiration date will be allowed to continue to completion with all the terms and conditions of this contract herein set forth remaining in full force and effect. The term of this contract may be extended in writing by the Commissioner.

  • Maintenance during Construction Period (i) During the Construction Period, the Contractor shall maintain, at its cost, the existing lane(s) of the Project Highway so that the traffic worthiness and safety thereof are at no time materially inferior as compared to their condition on Appointed Date, and shall undertake the necessary repair and maintenance works for this purpose; provided that the Contractor may, at its cost, interrupt and divert the flow of traffic if such interruption and diversion is necessary for the efficient progress of Works and conforms to Good Industry Practice; provided further that such interruption and diversion shall be undertaken by the Contractor only with the prior written approval of the Authority’s Engineer which approval shall not be unreasonably withheld. For the avoidance of doubt, it is agreed that the Contractor shall at all times be responsible for ensuring safe operation of the Project Highway. It is further agreed that in the event the Project includes construction of a bypass or tunnel and realignment of the existing carriageway, the Contractor shall maintain the existing highway in such sections until the new Works are open to traffic. (ii) Notwithstanding anything to the contrary contained in this Agreement, in the event of default by the Contractor in discharging the obligations specified in Clause 10.4 (i) above, the Authority shall get these maintenance works completed in the manner recommended by the Authority’s Engineer to avoid public inconvenience at the risk and cost of the Contractor in order to keep the road in traffic worthy condition.