Ohio Further Assurances refers to a legal concept and requirement in the state of Ohio, United States. It involves additional obligations or promises made by a party to a contract to provide further assurances to ensure the complete fulfillment of their obligations under the contract. This contractual provision is commonly used to protect the interests of all parties involved in a transaction and ensure the smooth execution of a contract. In Ohio, there are two main types of Further Assurances that may be included in a contract: 1. General Further Assurances: This type of further assurance clause is a broad provision that obligates the parties to take any necessary action, including executing additional documents, providing extra information, or performing any acts, to ensure the full performance of the contract. It acts as a safeguard to ensure that all obligations under the agreement are duly fulfilled, leaving no room for default or incomplete execution. 2. Specific Further Assurances: This type of further assurance clause may be included in contracts where there are specific actions required beyond the general obligations. It outlines particular actions or steps that one or more parties must take to meet the terms of the agreement fully. These specific assurances can include obtaining permits, licenses, consents, or any other legal requirements necessary to comply with the contract terms. By incorporating Ohio Further Assurances clauses into a contract, the parties involved can mitigate the risk of non-performance and non-compliance. It provides a mechanism to address any potential gaps in the contract, ensuring that all necessary actions are taken to fulfill the agreed-upon terms. Ohio Further Assurances clauses serve as an additional layer of protection in contractual agreements, enhancing the confidence of parties and promoting the successful completion of transactions. Keywords: Ohio Further Assurances, legal concept, contract, obligations, promises, additional obligations, complete fulfillment, contractual provision, protect the interests, smooth execution, parties involved, safeguard, full performance, default, incomplete execution, specific actions, specific steps, terms of the agreement, mitigate the risk, non-performance, non-compliance, mechanism, potential gaps, agreed-upon terms, layer of protection, contractual agreements, confidence, successful completion, transactions.
Ohio Further Assurances
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A good example of this is with an automobile dealership selling a car that requires financing. The dealer's covenant of assurance to the finance company is the assurance the title is perfected by filling out the proper paperwork reflecting the finance company having a lien against the car as collateral for the loan.
By Practical Law Commercial. A boilerplate further assurance clause that seeks to ensure that the parties carry out any additional acts necessary to give effect to the contract, including the procuring of such acts by third parties.
