Authorization of Material Contracts Clause Samples
The 'Authorization of Material Contracts' clause establishes the requirement that significant agreements entered into by a party must be properly approved by the relevant governing body or authorized representatives. In practice, this means that contracts deemed material—such as those involving substantial financial commitments or strategic partnerships—cannot be executed without formal authorization, often documented through board resolutions or written consents. This clause ensures that only duly sanctioned agreements bind the party, thereby reducing the risk of unauthorized commitments and promoting accountability in corporate decision-making.
Authorization of Material Contracts. Each Material Contract has been duly authorized, executed and delivered by the Company or any of its subsidiaries and assuming due authorization, execution and delivery by the other parties thereto and constitutes a legal, valid and binding agreement of such parties, enforceable against the Company and its subsidiaries, as the case may be, in accordance with its terms, in each case, except as enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general principles of equity.
Authorization of Material Contracts. There are no other contracts that are material to the operation of the Parent Guarantor’s or its subsidiaries’ business than the Material Contracts, and each Material Contract to which the Parent Guarantor or any of its subsidiaries is a party has been duly authorized, executed and delivered by the Parent Guarantor and/or such subsidiary, as applicable, and assuming due authorization, execution and delivery by the other parties thereto, constitutes a legal, valid and binding agreement of such parties, enforceable against the Parent Guarantor and such subsidiary, as the case may be, in accordance with its terms, in each case, except as enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general principles of equity.