Unexecuted Contracts Sample Clauses
The Unexecuted Contracts clause defines how contracts that have been negotiated but not formally signed or executed are treated between the parties. Typically, this clause clarifies whether any rights or obligations arise from such unexecuted agreements, and may specify that no binding commitment exists until a contract is fully executed by all parties. Its core function is to prevent misunderstandings or disputes about the enforceability of draft or unsigned agreements, ensuring that only fully executed contracts are legally binding.
POPULAR SAMPLE Copied 1 times
Unexecuted Contracts. As of the Completion Date the Unexecuted Contracts have been executed by the Seller or its Affiliate and sent to Telethon-HSR for signature but have yet to be executed by Telethon-HSR. The Parties agree that in the event Telethon-HSR executes any Unexecuted Contract within the period ending [***] following the Completion Date, such Unexecuted Contract shall become a Business Contract and shall be automatically assigned hereunder. If at the end of such [***] period any Unexecuted Contract remains unexecuted by Telethon-HSR the Seller shall be entitled to terminate such contract in accordance with clause 9.6. Further, the Seller agrees to promptly notify the Purchaser in writing upon becoming aware of the execution by Telethon-HSR of any Unexecuted Contracts.