7Contracts Clause Samples
The '7Contracts' clause defines the rules and requirements governing the formation, execution, and management of contracts between parties. It typically outlines what constitutes a valid contract, the obligations of each party, and the procedures for amending or terminating agreements. For example, it may specify that all contracts must be in writing and signed by authorized representatives. The core function of this clause is to ensure that all contractual relationships are clear, enforceable, and consistent, thereby reducing the risk of disputes and misunderstandings.
7Contracts. EXAD is in material compliance with all agreements and understandings to which it is a party to and not in default of any material obligation contained in any agreement to which it is a party.
7Contracts. (a) Section 3.7(a) of the Seller Schedule sets forth all of the Material Contracts which constitute Purchased Contracts.
(b) Each of the Purchased Contracts, excluding those which by their terms, expire prior to the Closing Date, is in effect and constitutes a legal, valid and binding agreement of one or more of the Seller or any Selling Affiliates, and to the Knowledge of the Seller, each other party thereto, enforceable in accordance with its terms, subject to the Enforceability Exceptions. Neither the Seller or applicable Selling Affiliate party to any Purchased Contract nor, to the Knowledge of the Seller, any other party to such Contract, is in breach or default under such Contract in any material respect, and no event has occurred that with notice or lapse of time or both, would constitute a default or breach under any Purchased Contract. None of the Seller or any Selling Affiliate has given any written notice to any third party that is a party to any Purchased Contract that it intends to terminate such Purchased Contract and none of the Seller or any Selling Affiliate has received any written notice from a third party stating that such third party intends to terminate any material Purchased Contract, in each case, other than valid termination at the end of the term of such Purchased Contract or otherwise in the ordinary course of business. True and complete copies of all Purchased Contracts have been made available to Purchaser, except to the extent such Purchased Contracts have been redacted to (a) enable compliance with Laws relating to antitrust or the safeguarding of data privacy, (b) comply with confidentiality obligations owed to third parties or (c) exclude information not related to the Business or the Product.
(c) None of the agreements set forth in Annex 2.1(a) of the Seller Schedule substantially deviates from the forms of Discount Pricing Agreements made available to Purchaser.
7Contracts. MBM Cleaners is in material compliance with all agreements and understandings to which it is a party and is not in default of any material obligation contained in any agreement to which it is a party other than the liabilities listed on Schedule C.