Business Entity Status Sample Clauses
The Business Entity Status clause defines and affirms the legal form and standing of a party entering into an agreement, such as whether it is a corporation, partnership, or limited liability company. This clause typically requires the party to confirm that it is duly organized, validly existing, and in good standing under the laws of its jurisdiction, and may require proof of such status. Its core practical function is to ensure that the party has the legal capacity to enter into the contract, thereby reducing the risk of unenforceability or disputes over authority.
Business Entity Status. Contractor is responsible for filing all required documents and/or forms with the California Secretary of State and meeting all requirements of the Franchise Tax Board, to the extent such requirements apply to Contractor. City may void this Agreement if Contractor is a suspended corporation, limited liability company or limited partnership at the time it enters into this Contract, City may take steps to have this Agreement declared voidable.
Business Entity Status. The Licensee has a continuing responsibility to keep EndoChem informed of the business entity status (small business entity status or large business entity status as defined by the United States Patent and Trademark Office) of itself, any Sublicensees and, to the extent relevant for determination of entity status under applicable law, any of their Affiliates. The Licensee will notify EndoChem (with a copy to UC) of any change of its status or that of any Sublicensee or (to the extent applicable) any Affiliate within thirty (30) days of the change in status.