ACQUITTANCE Sample Clauses
An acquittance clause serves as a formal acknowledgment that a party has received payment or fulfillment of an obligation, thereby releasing the other party from further liability regarding that specific obligation. In practice, this clause is often included in contracts, receipts, or settlement agreements to confirm that debts have been paid or duties have been performed in full. Its core function is to provide clear evidence that obligations have been satisfied, preventing future disputes or claims related to the settled matter.
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ACQUITTANCE. An insurance company is discharged from all liability for any amount paid to the Trustee or paid in accordance with the direction of the Trustee, and is not obliged to see to the distribution or further application of any moneys it so pays.
ACQUITTANCE. 11.03 11.09 Duties of Insurance Company....................... 11.03 ARTICLE XII, MISCELLANEOUS 12.01 Evidence.......................................... 12.01 12.02 No Responsibility for Employer Action............. 12.01 12.03
ACQUITTANCE. Acceptance by each Borrower of any Collateral delivered to it pursuant to any provision of this Agreement (whether or not the recipient issues a receipt for it) or shipping by Administrative Agent of Collateral in substantial compliance with shipping instructions given by the Borrowers or their designee shall be a complete and full acquittance for the Collateral so delivered or shipped, and Administrative Agent shall thereby be released and discharged from any and all liability or responsibility for it arising then or thereafter.
ACQUITTANCE. The principal shall undertake to compensate and acquit the authorized agent, in his function as administrator, from any responsibility relating to the fulfillment of his obligations and duties in the execution of the present contract. They shall undertake to compensate and protect him from any loss or damage that might result from the exercise of this mandate, except in case of serious professional misconduct on the part of the authorized agent. The principal will obtain or cause to be arranged product liability insurance in the countries that the principal does business in. The authorized agent shall in no way be held accountable for the actions of representatives of the company appointed on the instruction of the principal or accepted by the latter.