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"snippet": "All checks, drafts, or other instruments for payment of money or notes of the Corporation shall be signed by an officer or officers, or any other person or persons as shall be determined from time to time by resolution of the Board of Directors.", "hash": "f31970b1a7452b98e3228a0caa919e2d", "id": 10}], "next_curs": "CloSVGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjYLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhpjaGVja3MtZHJhZnRzLWV0YyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"size": 345, "children": [["after-\u2587\u2587", "After \u2587\u2587"], ["stock-certificates", "STOCK CERTIFICATES"], ["transfer-of-shares", "TRANSFER OF SHARES"], ["books-of-account-and-record-of-stockholders", "BOOKS OF ACCOUNT AND RECORD OF STOCKHOLDERS"], ["lost-or-destroyed-certificates", "Lost or Destroyed Certificates"]], "parents": [["amendment-of-independent-manager-definition", "Amendment of Independent Manager Definition"], ["subordinate-officers", "Subordinate Officers"], ["miscellaneous", "Miscellaneous"], ["contracts-loans-checks-and-deposits", "Contracts Loans Checks and Deposits"], ["general-provisions", "General Provisions"]], "title": "Checks, Drafts, etc", "id": "checks-drafts-etc", "related": [["payment-of-checks-drafts-and-orders", "Payment of Checks, Drafts and Orders", "Payment of Checks, Drafts and Orders"], ["financial-statements-reports-certificates", "Financial Statements, Reports, Certificates", "Financial Statements, Reports, Certificates"], ["general-provisions-applicable-to-loans-and-letters-of-credit", "General Provisions Applicable to Loans and Letters of Credit", "General Provisions Applicable to Loans and Letters of Credit"], ["financial-statements-etc", "Financial Statements, etc", "Financial Statements, etc"], ["confirmations-and-statements", "Confirmations and Statements", "Confirmations and Statements"]], "related_snippets": [], "updated": "2026-03-14T05:16:51+00:00", "also_ask": ["What safeguards should be included to prevent unauthorized or fraudulent issuance of checks and drafts?", "How can the clause allocate liability for lost, stolen, or forged instruments?", "What negotiation leverage exists regarding signatory authority and approval thresholds?", "How does this clause compare to UCC Article 3 and 4 requirements?", "What are the main enforceability challenges courts have identified with similar clauses?"], "drafting_tip": "Specify acceptable instruments, define endorsement requirements, and clarify payment procedures to prevent disputes and ensure proper processing.", "explanation": "The \"Checks, Drafts, etc\" clause defines how payments made by check, draft, or similar negotiable instruments are to be handled under the agreement. Typically, it clarifies when such payments are considered effective\u2014often only upon actual receipt and successful collection by the payee\u2019s bank. This clause helps prevent disputes over payment timing and ensures that the recipient is not at risk if a check is dishonored or delayed, thereby allocating risk and ensuring clarity in financial transactions between the parties."}, "json": true, "cursor": ""}}