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.
North Dakota Joint and Several Guaranty of Performance and Obligations is a legal concept that aims to ensure the fulfillment of contractual obligations by multiple parties involved in a transaction or agreement. It provides an added layer of security for the performance of duties or obligations, mitigating risks and protecting parties involved. In North Dakota, there are several types of Joint and Several Guaranty of Performance and Obligations, including: 1. Joint and Several liabilities: This type of guarantee holds all parties involved in the contract equally responsible for the performance and fulfillment of obligations. Each party is individually liable for the entire debt or obligation, and creditors can pursue legal action against any or all parties to recover the full amount. 2. Several liabilities with Right of Contribution: This type of guarantee establishes that each party is responsible for a specific portion of the debt or obligation according to their agreed-upon share. In case of default by one party, the creditor can pursue the defaulting party for their portion of the liability, while the other parties remain responsible for their respective shares. 3. Joint Liability with Right of Indemnity: This type of guarantee identifies specific parties who bear joint responsibility for the debt or obligation. If one party defaults, the creditor can pursue any of the joint guarantors for the full amount, allowing the chosen guarantor to seek indemnity from the defaulting party. 4. Joint and Several liabilities with Right of Reimbursement: This type of guarantee combines joint and several liabilities with the right of reimbursement. In case one party satisfies the creditor's claim in full, they can seek reimbursement from other parties. It ensures that the burden of debt or obligation is distributed fairly among all parties involved. North Dakota's Joint and Several Guaranty of Performance and Obligations serves as a vital legal protection mechanism for parties entering into agreements or contracts. By outlining the types of guarantees available in the state, it ensures clarity and transparency while aligning the responsibilities of all parties involved.North Dakota Joint and Several Guaranty of Performance and Obligations
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Summary. The term or phrase ?jointly and severally? is a legal term used to describe a partnership whereby each party or member holds equal responsibility for liability. A common term for ?jointly and severally? is ?joint and several liability.?
Joint and Several Liability is a legal phrase where two or more people within a partnership are joint and severally liable for all the debts incurred within the business. This means creditors are legally entitled to chase all partners involved in the business for the full amount owed.
Where this Guarantee is given by more than one person, the obligations on the part of the Guarantor contained in this Guarantee take effect as joint and several obligations and references to the Guarantor take effect as references to those persons or any of them.
Joint and several liability is a legal term for a responsibility shared by two or more parties to a lawsuit. A wronged party may sue any or all of them, as well as collect the total damages awarded by a court from any or all of them. In such cases, responsibility for the total amount awarded would be shared by all.
The term jointly and severally indicates that all parties are equally responsible for carrying out the full terms of an agreement. In a personal liability case, for example, each party named may be pursued for repayment of the entire amount due.
A joint guarantee means the signatories are jointly liable as a group for the borrower's indebtedness. If one guarantor does not pay, the others are on the hook to fulfill the group's obligation to repay the full amount of that indebtedness.
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.
Joint and several guarantee in British English (d???nt ?nd ?s?vr?l ??ær?n?ti? ) noun. law. a legal guarantee undertaken by multiple people in which any one guarantor can be held fully responsible for repaying the whole of the debt despite each guarantor only being partially responsible for that debt.
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(a) Subject to Section 2.1(d) below, the Guarantors, jointly and severally, unconditionally and irrevocably guarantee the full and prompt (i) payment in full ... The Guarantor, jointly and severally (if more than one), further agrees to pay to the City/County, upon demand, all losses and reasonable costs and expenses, ...To: THE STATE BANK OF BURLEIGH COUNTY BISMARCK, NORTH DAKOTA. For value ... A "continuing guaranty" shall mean a guaranty relating to a future liability of the ... Jan 22, 2001 — A person may become a guarantor without the knowledge or consent of the principal. 22-01-03. Original obligation sufficient consideration - ... ... Guarantor in this Guaranty) and any Other Guarantor will be joint and several. ... performance of such obligations and then only to the extent of such performance ... The obligations of Guarantor (and each party named as a Guarantor in this Guaranty) and any Other Guarantor will be joint and several. Lender, in its sole ... ... N.D. LEXIS 299 (N.D. 1997). One who executes a full, joint and several guarantee may not compel his co-guarantors to pay their pro rata shares to a creditor ... Dec 31, 2021 — Common types of guarantees include financial guarantees, performance guarantees, indemnifications, and indirect guarantees of another entity's ... complete their performance bond obligations.132 d. Surety v. Third-Party Claimants. “In the ordinary case, a court is not confronted with a priority dispute. ... a failure or delay in a party's performance of its obligations under this ... several, or joint and several; all such debts, liabilities and obligations being.