BINDING FINANCIAL COMMITMENTS Clause Samples
The Binding Financial Commitments clause establishes that certain financial obligations outlined in the agreement are legally enforceable and must be fulfilled by the parties involved. This typically applies to payments, investments, or other monetary promises specified in the contract, ensuring that once agreed upon, these commitments cannot be unilaterally withdrawn or altered without mutual consent. Its core function is to provide certainty and security regarding financial transactions, reducing the risk of non-payment or default and thereby fostering trust between the parties.
BINDING FINANCIAL COMMITMENTS. Upon request, the Grantee will provide a resolution of the Board of Directors, or other Governing Body of the Grantee, authorizing the execution and delivery of this Grant Agreement and such other papers as the Commission may reasonably request, and specifying the officer(s) authorized to execute the Grant Agreement and bind the Grantee.
BINDING FINANCIAL COMMITMENTS. Recipient shall obtain, to the satisfaction of the Board, all other legally binding financial commitments necessary to complete the Project, including but not limited to financing for construction. Failure to secure and submit documentation of such commitments to IEDA by October 6, 2023 August 31, 2025 may result in the rescission of the award and termination of this Agreement, This includes documentation of construction financing.