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.
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Related to Practical Effect

  • Legal Effect This Agreement constitutes, and any instrument or agreement Borrower is required to give under this Agreement when delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms.

  • Initial Effective Date The initial effective date of coverage under the Group Insurance Program is the thirty-fifth (35th) day following the employee's first day of employment, re- hire, or reinstatement with the State. The initial effective date of coverage for an employee whose eligibility has changed is the date of the change. An employee must be actively at work on the initial effective date of coverage, except that an employee who is on paid leave on the date State-paid life insurance benefits increase is also entitled to the increased life insurance coverage. In no event shall an employee's dependent's coverage become effective before the employee's coverage. If an employee is not actively at work due to employee or dependent health status or medical disability, medical and dental coverage will still take effect. (Life and disability coverage will be delayed until the employee returns to work.)

  • FINANCIAL EFFECTS The execution of the Agreement is not expected to have any material effect on the earnings, net assets, gearing, share capital and substantial shareholders’ shareholdings of the Company for the financial year ending 30 June 2020.

  • Tax Effect The federal tax consequences of stock options are complex and subject to change. Each person should consult with his or her tax advisor before exercising any Option or disposing of any Shares acquired upon the exercise of an Option.

  • Termination Effectiveness This Agreement and the Proxy shall terminate and shall have no further force or effect as of the Expiration Date. Notwithstanding the foregoing, nothing set forth in this Section 11 or elsewhere in this Agreement shall relieve either party hereto from any liability, or otherwise limit the liability of either party hereto, for any breach of this Agreement. The effectiveness of this Agreement is conditioned upon the execution and delivery of the Merger Agreement by the parties thereto.