Circular Guarantee Clause Samples

Circular Guarantee. Circular provides protection for up to $1,000,000 of damages actually suffered by a Buyer or Seller under a Contract (the “Guarantee”). To qualify for the Guarantee, a Buyer or Seller, as applicable, must first notify Circular of a dispute and work in good faith with the other party to resolve such dispute for a period of sixty (60) days. If the parties are unable to resolve the dispute within such 60-day period, then the party claiming damages may make a claim under the Guarantee by submitting the relevant information and supporting documents to Circular, which shall include reasonable details to allow Circular to determine the damage amount, and by assigning such party’s right to damages under the Contract to Circular. All Users agree that, solely for the purpose of the Guarantee, and for any services provided by Circular in connection with an applicable Contract, Circular shall be a third party beneficiary to the applicable Contract. Except as specifically provided in this paragraph, a person who is not a party to a Contract has no right to enforce any term of the Contract, but this does not affect any right or remedy of a third party which exists or is available apart from the Contract.