Joint Liabilities Sample Clauses
The Joint Liabilities clause establishes that two or more parties are collectively responsible for fulfilling certain obligations under an agreement. In practice, this means that each party can be held accountable for the entire obligation, not just their individual share, allowing the other party or parties to seek full performance or payment from any one of them. This clause is commonly used in contracts involving partnerships or co-borrowers, ensuring that if one party fails to meet their responsibilities, the others must cover the shortfall. Its core function is to allocate risk among multiple parties and provide assurance to the counterparty that obligations will be met, regardless of individual performance.
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Joint Liabilities. Notwithstanding the provisions of the Joint Powers Agreement and the general nature of the liabilities in this Agreement as several, the Participants agree that, if a Participant defaults under this Agreement, the non-defaulting Participants will be jointly liable for the obligations of such defaulting Participant in proportion to each non- defaulting Participant’s share of the total cost of all outstanding Contract Transactions entered into by all non-defaulting Participants during the five
Joint Liabilities. The liability of the Founders, Founder Holdcos and the Founder Investment Entities under this Agreement shall be joint and several, while the liability of Youon Parties and any Founder, Founder Holdco or Founder Investment Entity shall be several and not joint.
Joint Liabilities. 19.1 Where there are two or more persons to this Agreement as Hirers their liabilities under this Agreement and under any Hiring Arrangement are joint and several.
Joint Liabilities. Dragon Parent and the Seller shall jointly and severally honor the obligations arising from, or in connection with this Agreement, and ensure that the obligations of Dragon Parent, the Seller and their Affiliates can be duly and properly performed in accordance with the terms hereof.
Joint Liabilities. In view of the cessation of your employee status, the Corporation undertakes to use commercially reasonable efforts (up to re-establishment of commercial relationships, where not unreasonable to do so) to extricate you (S▇▇▇▇ ▇▇▇▇▇▇▇) from all guaranties for or positions of joint contractual liability for Corporation commercial obligations (e.g., credit cards, real estate leases, etc.) within 3 months after the signing of this letter agreement.
Joint Liabilities. No Participant shall, in the first instance, be liable under this Agreement for the obligations of any other Participant or for the obligations of NCPA incurred on behalf of other Participants. Each Participant shall be solely responsible and liable for performance of its obligations under this Agreement, except as otherwise provided for herein. The obligation of each Participant under this Agreement is a several obligation and not a joint obligation with those of the other Participants. Notwithstanding the foregoing, the Participants acknowledge that any debts or obligations incurred by NCPA under this Agreement on behalf of any of them shall be borne solely by such Participants, and not by non‐Participant Members of NCPA, pursuant to Article IV, Section 3(b) of the Joint Powers Agreement. Notwithstanding the provisions of the Joint Powers Agreement and the general nature of the severability of liabilities in this Agreement, the Participants agree that, if a Participant defaults under this Agreement, the non‐defaulting Participants will be jointly liable for the obligations of such defaulting Participant in proportion to each non‐defaulting Participant’s share of the total cost of all outstanding Eligible Gas Purchases entered into by all non‐defaulting Participants during the five (5) years prior to the date of the default, unless and until NCPA is able to fully recover from the defaulting Participant. Provided, however, that any non‐defaulting Participant with no outstanding Eligible Gas Purchases for the five (5) years prior the date of the default shall nonetheless have an obligation equal to one‐half (1/2) that of the non‐defaulting Participant with the lowest outstanding Eligible Gas Purchases during such five (5) year period, and that if no non‐defaulting Participant has outstanding Eligible Gas Purchases during such five (5) year period, then each non‐defaulting Participant shall share the obligation equally. In the event that the date of default occurs within the first five (5) years of the term of this Agreement, then such five (5) year period shall be shortened to include the time from the effective date of this Agreement until the date of the default.
Joint Liabilities. Notwithstanding the provisions of Sections 1 ------------------ and 2 above, if a matter arises that is partly Seller's responsibility under Section 1 and partly Purchaser's responsibility under Section 2, Seller and Purchaser shall apportion liability on an equitable basis considering all the facts and circumstances, including but not limited to the relative contribution of each party to the matter and the amount of time each has operated the Asset in question (to the extent relevant). If, after considering all the facts and circumstances with respect to whether a Release of a Material of Environmental Concern has contaminated the soil or groundwater of the Real Property before or after the date hereof or before or after November 30, 1987, there remains a scientific dispute which cannot be resolved with reasonable certainty, liability shall be allocated based on the number of years of ownership of the affected Real Property by Seller on the one hand, and by Purchaser or ▇▇▇▇▇▇, Inc., on the other hand, through the date of the claim with respect thereto.