Valid Contract definition
Valid Contract means a contract for the sale of the Forced Sale Property that (a) provides for a then customary market-standard deposit (which in no event shall be less than 5% of the purchase price) to be paid simultaneously with the execution of such contract, (b) contains no financing contingencies, (c) provides for no recourse to the assets of the Members of the Company, other than the Company’s interest in the Forced Sale Property (but which may provide for recourse (i) to a customary, market-rate holdback or (ii) to the Company, in each case for customary surviving indemnification obligations, subject to customary survival periods and customary maximum liability amounts), (d) shall provide for an all cash payment of the purchase price for the Forced Sale Property, unless the Forced Sale Property will be sold subject to the assumption of the existing Mortgage Indebtedness and the existing Mezzanine Indebtedness, in which case such contract may provide for the purchase and sale of the Forced Sale Property subject to the then existing Mortgage Indebtedness and the then existing Mezzanine Indebtedness if the applicable conditions set forth in Section 11.4 are met and (e) is otherwise on customary and commercially reasonable terms (including closing to occur within 120 days after the date thereof, inclusive of all extension rights).
Valid Contract means a contract for the sale of any Portfolio or Portfolios that (a) provides for a then customary market-standard deposit to be paid simultaneously with the execution of such contract, (b) contains no financing contingencies, (c) provides for no recourse to the assets of the NorthStar Member or the Formation Member or the Venture, other than the Venture’s interest in the applicable Portfolio or Portfolios (but which may provide for recourse (i) to a customary, market-rate holdback or (ii) to the Venture for customary surviving indemnification obligations, subject to customary survival periods and customary maximum liability amounts), (d) shall provide for all cash payments of the purchase price for the applicable Portfolio or Portfolios, unless the Initiating Member has stated in the Sale Notice that it intends to offer the applicable Portfolio(s) for sale only to Qualifying Buyers, in which case such contract may provide for the purchase and sale of the applicable Portfolio or Portfolios subject to the then existing applicable Mortgage Loan(s) if the applicable conditions set forth in Section 10.03(b) are met, and (e) is otherwise on customary and commercially reasonable terms (including closing to occur within ninety (90) days of the date thereof, subject to customary extension rights).
Valid Contract means a contract for the supply of energy that has been entered in by yourself with the supplier, and relates to the property that has been
Examples of Valid Contract in a sentence
Test 6-1: Valid Contract Form Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation.
The Indian Contract Act, 1872: Essential of A Valid Contract Agreement, Performance of Contracts, Breach of Contract & Remedies, Quasi-Contracts.
Time shall be of the essence with respect to the parties’ obligation to close such Purchase on the scheduled closing date set forth in such Valid Contract.
The Initiating Member shall negotiate such Valid Contract on behalf of the Venture or applicable Subsidiary(ies).
A) Valid Contract: An agreement enforceable by the law is a contract (Section 2(h)).
The parties shall act reasonably and in good faith to timely enter into such Valid Contract within such 30-day period and shall thereafter proceed to close the Purchase thereunder within 90 days after entering into such Valid Contract.
Meaning of Contract; Essentials of a Valid Contract; Nature and Performance of Contract; Termination and Discharge of Contract; Indemnity and Guarantee; Bailment and Pledge; Law of Agency.
The Valid Contract to be entered into between the Non-Initiating Member and the Venture or applicable Subsidiary(ies) pursuant to Section 10.02(b) shall provide for remedies substantially similar to the remedies provided for in this Section 10.02(c).
UNIT 1: CONTRACT LAW 12 Hrs.Indian Contract Act 1872 – Definition of Contract, Essentials of a Valid Contract (all essentials need to be explained in great detail) Classification of Contract, Breach of Contract and Remedies for Breach of Contract.
INTRODUCTIONConstruction Industry; Basic Concept – Terms, Essentials Of A Valid Contract Communication, Acceptance And Revocation, Competency.
More Definitions of Valid Contract
Valid Contract means a contract for the sale of any Facility or Facilities that (a) provides for a then customary market-standard deposit to be paid simultaneously with the execution of such contract, (b) contains no financing contingencies, (c) provides for no recourse to the assets of the NorthStar Member or the TFG Member or the Venture, other than the Venture’s interest in the applicable Facility or Facilities (but which may provide for recourse (i) to a customary, market-rate holdback or (ii) to the Venture for customary surviving indemnification obligations, subject to customary survival periods and customary maximum liability amounts), (d) shall provide for all cash payments of the purchase price for the applicable Facility or Facilities, and (e) is otherwise on customary and commercially reasonable terms (including closing to occur within ninety (90) days of the date thereof, subject to customary extension rights). For the avoidance of doubt, a Valid Contract hereunder shall include, in addition to the interest of the Venture or applicable Subsidiary(ies) in the applicable Facility(ies), the interest of the Owner Venture or its applicable subsidiary(ies) in the applicable Property(ies) and shall comply with the applicable requirements set forth in the Owner Venture Agreement relating thereto.
Valid Contract means a contract for the sale of any Property or Properties that (a) provides for a then customary market-standard deposit to be paid simultaneously with the execution of such contract, (b) contains no financing contingencies, (c) provides for no recourse to the assets of the NorthStar Member or the TFG Member or the Venture, other than the Venture’s interest in the applicable Property or Properties (but which may provide for recourse (i) to a customary, market-rate holdback or (ii) to the Venture for customary surviving indemnification obligations, subject to customary survival periods and customary maximum liability amounts), (d) shall provide for all cash payments of the purchase price for the applicable Property or Properties, unless the Initiating Member has stated in the Sale Notice that it intends to offer the applicable Property(ies) for sale only to Qualifying Buyers, in which case such contract may provide for the purchase and sale of the applicable Property or Properties subject to the then existing applicable Mortgage Loan(s) if the applicable conditions set forth in Section 10.3(b) are met, and (e) is otherwise on customary and commercially reasonable terms (including closing to occur within ninety (90) days of the date thereof, subject to customary extension rights).
Valid Contract means in every case a contract sufficient in form and substance, so that there is no ground whatever for setting it aside as between the vendor and purchaser – a contract binding on both parties. As regards real estate however, another element of validity is required. The vendor must be in a position to make a title according to the contract, and the contract will not be valid unless he has either made out his title according to the contract or the purchaser has accepted the title”.
Valid Contract. A contract satisfying the requisites discussed earlier – agreement, consideration, legal purpose, capacity, and form. By contrast, ◼ a voidable contract is an otherwise valid contract that one of the parties may legally avoid, cancel, or annul (e.g., a contract entered into under duress or under false pretenses); ◼ an unenforceable contract is an otherwise valid contract rendered unenforceable by some statute or law (e.g., an oral contract that, due to the passage of time, must be evidenced by a writing to be enforceable); and ◼ a void contract is a contract having no legal force or binding effect (e.g., a contract entered into for an illegal purpose).
Valid Contract means accepted terms and conditions / agreement between Society / Society and Tenderer / Contractor ,approved plan / drawing by society and concerned passing authority, bar charts, this tender document, approved payment schedule, lien if any, any other documents which explains Technical / Architect and Legal points necessary o execution of the project, duly signed, govt. duty paid and registered.