Backup Contracts Sample Clauses
A Backup Contracts clause establishes provisions for entering into secondary or alternative agreements in case the primary contract cannot be fulfilled. Typically, this clause outlines the conditions under which a backup contract may be activated, such as supplier failure or non-performance, and may specify the process for selecting and approving backup vendors. Its core practical function is to ensure continuity of service or supply, thereby minimizing operational disruptions and mitigating risks associated with reliance on a single contract.
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Backup Contracts. Seller, at Seller’s option, may continue to offer the Unit for sale, subject to the requirements contained in this section. Seller must notify any other prospective buyer that this Contract has been previously signed and it is in full force and effect. Any other contract accepted by Seller must contain a provision that the other contract is subject to and junior in right to this Contract.
Backup Contracts. Buyer understands that Seller may actively negotiate with other parties and may enter into back up contracts for the sale of the Property. The backup contracts will be subject and subordinate to this Agreement so long as this Agreement is in full force and effect and Buyer is not in default hereunder.
Backup Contracts. Purchaser acknowledges that Seller may enter into one or more backup contracts for the sale of the Property to one or more purchasers other than Purchaser.
Backup Contracts. In no event shall Seller enter into any backup contracts for the sale of the Property.