Declaration on relationship Clause Samples
A Declaration on Relationship clause defines the nature of the legal relationship between the parties to an agreement, clarifying whether they are independent contractors, partners, agents, or in another specified relationship. This clause typically states that nothing in the contract creates a partnership, joint venture, employment, or agency relationship unless explicitly intended. By doing so, it prevents misunderstandings about the parties' roles and responsibilities, ensuring that neither party can claim rights or obligations not expressly granted by the agreement.
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Declaration on relationship. The Borrower declares, assures and states that, except as mentioned hereunder, the Borrower is not a director nor relative* of any director or none of its directors/ partners /members (if the Borrower is a company/partnership firm) is a director of the Bank or any other Banks including Scheduled Co-operative Banks, subsidiaries/ trustees of mutual funds/ venture capital funds and the Borrower is not a relative* or none of its directors/ partners/ members (if the Borrower is a company/ partnership firm) of any Senior Officer* of the Bank or of any other Banks *The term 'Senior Officer' means an officer of the Bank, who is in equivalent scale as an officer in senior management level in Grade IV any officer and above in a nationalised bank or any officer in equivalent scale in the State Bank of India and associate banks and in any banking company incorporated in India.