This office lease form is a guranty that absolutely, unconditionally and irrevocably guarantees the landlord the full and prompt performance and observance of all of the tenant's obligations under the lease, including, and without limitation, the full and prompt payment of all rent and additional rent payable by the tenant under the lease and tenant's indemnity obligations benefiting the landlord under the lease.
California Joint and Several Guaranty of Performance and Obligations
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US-OL4A024C
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How to fill out Joint And Several Guaranty Of Performance And Obligations?
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FAQ
California Joint & Several ? Prop 51 can best be described as the concept of holding an innocent party harmless when there are multiple tortfeasors.
In California, joint and several liability applies only to economic damages. This includes damages such as lost income, medical expenses, and property damage. It does not include noneconomic damages, such as pain, suffering, loss of companionship, or emotional distress.
In law, joint and several liability makes all parties in a suit responsible for damages up to the entire amount awarded. That is, if one party is unable to pay, the others named must pay more than their share. In a contract, ?jointly and severally liable? means the same thing as ?joint and several liability.?
Difference Between ?Joint? and ?Several? in a Guarantee The words "jointly" and "severally" refer to the nature of the guarantors' liability under the guarantee. 4 A several guarantee means that the signatories, separately or individually, have promised to guarantee the repayment of the borrower's debts.
Guarantees are often embedded in purchase or sales agreements, service contracts, joint venture agreements, or other commercial arrangements. A joint and several liability is an obligation of several parties that is enforceable, for the full amount of the obligation, against any one of the parties.
In cases of joint liability one or both of the parties can be sued for full obligation. But in the cases of several liabilities the share of responsibility is divided, and the parties are only responsible for their share of the wrong and not responsible for the share of the wrong committed by the other party.
The difference between joint liability and several liability lies in that the damage caused is different in cases giving rise to several liability. Where the damage is the same, joint liability arises between the tortfeasors.
If attorneys are acting ?jointly and severally?, it means that they can act together, but can also act separately if they wish. This would effectively mean that any one of the attorneys will be able to make a decision by themselves.