BMO Sample Clauses
The BMO clause, short for "Business as Most Often," defines the standard or method by which certain actions or obligations are to be performed under a contract, typically referencing the way similar businesses customarily operate. In practice, this clause sets expectations that parties will act in accordance with industry norms or the usual practices of comparable organizations, such as maintaining typical business hours or following standard procedures for service delivery. Its core function is to provide a clear benchmark for performance, reducing ambiguity and disputes by aligning contractual obligations with established business practices.
BMO. Nothing herein shall prejudice the operation of the BMO and to the extent that any provisions contained herein shall be in conflict with the BMO, the BMO shall prevail. During the existence of an Owners’ Corporation under the BMO, the rights, duties, powers and obligations for the control, management and the administration of the Land and the Building conferred by this Deed on the Manager shall be vested in the Owners’ Corporation, and the general meeting of the Owners’ Corporation shall take the place of the meeting of Owners under this Deed, and the management committee of the Owners’ Corporation shall take the place of the Owners’ Committee under this Deed.
BMO. There are two ways to imply a term into a contract. Operation of law – common law or statute The situation of the parties – common industry practice or to give the contract business efficacy Under s.69, the freedom to contract out of any implied terms is codified. Can do so through an express agreement, course of dealings, or usage SOGA contains a number of implied conditions and warranties that are implied into contract by operation of law in the absence of an agreement to the contrary. Exclusion clauses can deny that express conditions or warranties are terms of the contract. Exclusion clauses are attacked on two grounds: that the buyer is unaware of the clause’s significance or in the case of standard form contracts, that there was no real bargaining.
BMO. The advances from the Related Party Loans combined with up to $1,000,000 from the CIBC Term Loan will be applied to fully repay the BMO operating line. The LC will be terminated and no amounts will be owing to BMO. The BMO Line of Credit is secured by a general floating charge on the Company’s assets and the assets of one of its subsidiaries, and one of the Company’s subsidiaries has provided a corporate guarantee. Two directors of the Company have provided personal guarantees for a total of $5,020,000. The EDC has a first and second ranking security interest over property of the Company and certain subsidiaries, and the Company and certain subsidiaries have provided Guarantees to EDC. The Term Loans with Related Party Loans have General Security Agreements with the Company.