Common use of Due Authorization; Validity Clause in Contracts

Due Authorization; Validity. The execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate or other action on the part of ITC, and upon execution and delivery, this Agreement will constitute a valid and binding obligation of ITC enforceable against ITC in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency and other similar laws affecting claims and rights generally or by general equitable principles.