Common use of CAPACITY OF PURCHASER Clause in Contracts

CAPACITY OF PURCHASER. If the Purchaser signs this Agreement as a principal in terms of a contract for the benefit of a third party, the latter being a company or close corporation to be incorporated the Purchaser in his personal capacity shall be regarded as the Purchaser in terms of this Agreement unless the said company or close corporation is incorporated and duly adopts and ratifies this Agreement within 60 (sixty) days after the date upon which the Seller signs this Agreement. In the event of the said company or close corporation being duly incorporated and adopting and ratifying this Agreement in terms as set out above then the Purchaser, by his signature hereto, hereby interposes and binds himself in favour of the Seller as surety and co-principal debtor in solidum with such company or close corporation for the due and timeous performance by it of all of its obligations as Purchaser in terms of this Agreement.

CAPACITY OF PURCHASER. If the Purchaser signs this Agreement as a principal in terms of a contract for the benefit of a third party, the latter being a company or close corporation to be incorporated the Purchaser in his personal capacity shall be regarded as the Purchaser in terms of this Agreement unless the said company or close corporation is incorporated and duly adopts and ratifies this Agreement within 60 (sixty) days after the date upon which the Seller signs this Agreement. In the event of the said company or close corporation being duly incorporated and adopting and ratifying this Agreement in terms as set out above then the Purchaser, by his signature hereto, hereby interposes and binds himself in favour of the Seller as surety and co-principal co‐principal debtor in solidum with such company or close corporation for the due and timeous performance by it of all of its obligations as Purchaser in terms of this Agreement.