Jointly Bound Clause Samples
The 'Jointly Bound' clause establishes that two or more parties are collectively responsible for fulfilling the obligations set out in an agreement. In practice, this means that each party can be held liable for the entire performance of the contract, not just their individual share, and a counterparty may pursue any or all of the jointly bound parties for remedies in case of breach. This clause ensures that the risk of non-performance is minimized for the other party, as it provides multiple sources of recourse and strengthens the enforceability of the contract.
Jointly Bound. The Design Professional binds itself jointly and severally, its successors, executors, administrators and assigns to Owner and all covenants of this Contract. The Design Professional shall not assign, sublet or otherwise transfer its interest in this Contract without the prior written consent of the Owner.