Common use of Close Corporation or Trust Clause in Contracts

Close Corporation or Trust. The signatory for and on behalf of the Purchaser or Seller as the case may be hereby binds himself/herself in his/her personal capacity as surety to and in favour of the party to whom any obligation is owed in terms hereof for the obligation/s of the party so owing the obligation, and waiving the benefit of excussion. What this means is that if the Purchaser cannot pay that the person who signs for the Purchaser will have to personally pay and vice versa.