Practical Effect Sample Clauses
The 'Practical Effect' clause defines the real-world impact or outcome that a contract provision is intended to achieve. It clarifies how the terms of the agreement will operate in practice, often by outlining the specific actions, rights, or obligations that arise from the clause. For example, it may specify what happens if a party fails to meet a deadline or how a particular process should be implemented. This clause ensures that both parties have a clear understanding of the tangible consequences of the contract's terms, thereby reducing ambiguity and potential disputes.
Practical Effect. The Guarantee makes you personally liable for ▇▇ ▇▇▇▇▇▇ Bloggs’s obligations should they be unable to pay. The Provider will be able to pursue you, and any of your personal assets, for any debt, including interest and costs, owed by ▇▇ ▇▇▇▇▇▇ Bloggs. You will also be liable to indemnify the Provider for any losses, costs, claims, liabilities, damages, demands, and expenses incurred by the Provider in connection with recovering the guaranteed amount from ▇▇ ▇▇▇▇▇▇ Bloggs, or you.