Common use of Executory Contract Clause in Contracts

Executory Contract. This Agreement is a contract and will not be considered valid until signed by both parties. By execution of this Agreement, the respective parties acknowledge that each has executed this Agreement with full and complete authority to do so. Town and Contractor warrant that the individuals who have signed this Agreement have the legal power, right, and authority to enter into this Agreement so as to bind each respective party to perform the obligations and conditions imposed upon each party herein. a. If Contractor is a sole proprietorship, the Agreement shall be executed by the business owner personally. If Contractor is a partnership, the Agreement shall be executed by one of the partners that has authority to bind the partnership. If Contractor is a corporation, the Agreement must be executed by two authorized signatories. The first must be one of the following: chairman of the board, president or any vice president; the second signature must be a secretary, any assistant secretary, the chief financial officer or any assistant treasurer. If Contractor is a joint venture, the Agreement must be executed on behalf of each participating firm by officers or other individuals who have the full and proper authorization to bind the entity. If Contractor is a limited liability company, the Agreement shall be executed by the manager or one of the members that has authority to bind the limited liability company.