Assumed Liability Defined Clause Samples
The "Assumed Liability Defined" clause establishes which specific liabilities one party agrees to take responsibility for under a contract. It typically outlines the types of obligations, debts, or legal responsibilities that are being transferred or accepted, such as liabilities arising from certain actions, omissions, or events related to the agreement. By clearly defining assumed liabilities, this clause helps prevent disputes by ensuring both parties understand the scope of responsibility being accepted, thereby allocating risk and promoting clarity in the contractual relationship.
Assumed Liability Defined. “Assumed Liability” means each liability or obligation of the Company that is:
Assumed Liability Defined. “Assumed Liability” means each liability or obligation of the Seller that is scheduled to be performed after Closing under the terms of an Assumed Contract, other than any such liability or obligation that arises out of, relates to or results from, directly or indirectly, any breach, tort, infringement or violation of Applicable Law at or before Closing.