Binding Action Clause Samples
A Binding Action clause establishes that decisions, actions, or agreements made under the contract are legally enforceable and must be adhered to by all parties involved. In practice, this means that once a party takes a specified action or makes a decision as outlined in the contract, that action is final and cannot be unilaterally revoked or ignored. For example, if a party exercises an option or provides a required notice, that action is considered binding on both sides. The core function of this clause is to ensure certainty and enforceability in contractual dealings, preventing parties from backing out of commitments once made.
Binding Action. Mortgagor agrees that with respect to any consent, direction, approval or action that is required of Mortgagor under this Mortgage, any consent, direction, approval or action by Mortgagor shall be binding on Mortgagor and that Mortgagee shall have no obligation to confirm any such consent, direction, approval or action given to it and may act in reliance upon any such consent, direction, approval or action.”
Binding Action. Borrowers agree that with respect to any consent, direction, approval or action that is required of Borrowers under this Agreement or any other Loan Document, any consent, direction, approval or action by any Borrower shall be binding on Borrowers and that Lender shall have no obligation to confirm any such consent, direction, approval or action given to it and may act in reliance upon any such consent, direction, approval or action.
Binding Action. Each of Senior Creditor and Subordinated Obligee confirms, represents, warrants and agrees that its officer executing this Agreement is fully and irrevocably authorized to act on its behalf in all respects in connection with this Agreement and the transactions referred to herein and Subordinated Obligee and Finova, respectively, shall have no obligation to inquire as to such authority.
Binding Action. The individual Allottees which comprise the Lessor agree to have Spokespersons duly appointed at all times and acknowledge and agree that the action of a majority of the Spokespersons shall be binding upon the Lessor.
Binding Action. Neither any Provisional or Inactive Member nor the Permanent Capital Member shall have the power or shall take any action which binds or purports to bind the Company to any obligation. Furthermore, no Active Member shall have the power or shall take any action which binds or purports to bind the Company to any obligation except those obligations which the Active and Provisional Members have expressly authorized such Active Member to incur.
Binding Action. Any decision or action of the finance director concerning or in respect to, any issue or problem arising out of, or in connection with the construction, interpretation, administration and application of the plan, including any rules and regulations promulgated by the director, shall lie within the director's absolute discretion and shall be final, conclusive, and binding upon all participants in the plan and any and all persons claiming under, by, or through them.