Claims and debts Sample Clauses
The "Claims and debts" clause defines the rights and obligations of the parties regarding any outstanding claims or debts that may arise during or after the contractual relationship. Typically, this clause outlines the process for asserting claims, the timeframe for submitting them, and the responsibilities for settling any debts owed between the parties. For example, it may specify that all invoices must be paid within a certain period or that disputes over payments must be resolved through a particular procedure. The core function of this clause is to ensure clarity and fairness in handling financial obligations, reducing the risk of unresolved disputes and providing a clear mechanism for addressing monetary issues.
Claims and debts. The Target Company undertakes not to have any undisclosed liabilities prior to Closing.
Claims and debts. Before the cooperation between Party A and Party B, all claims and debts of the public school remain unchanged and are unrelated to Party B.