Contingency for Board Approval Clause Samples
The Contingency for Board Approval clause establishes that the effectiveness of an agreement or transaction is subject to formal approval by a company's board of directors. In practice, this means that even if parties have negotiated and signed a contract, the obligations do not become binding until the board grants its consent, often through a formal resolution. This clause protects the company by ensuring that significant decisions undergo proper governance review, thereby preventing unauthorized commitments and mitigating the risk of unapproved transactions.
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Contingency for Board Approval. The enforceability of this Agreement is wholly contingent upon the approval of this Agreement by the Sumter County Board of County Commissioners and execution by the Chairman of that Board evidencing such approval after a properly noticed public hearing. However, all dates and timelines herein shall run from the Execution Date (as defined herein, the “Execution Date” is the date Agreement is executed by the County Administrator or Seller, whichever is later). Should the Board of County Commissioners fail to approve this Agreement, this Agreement shall be deemed null and void. The Agreement is exempt from the provisions of F.S. 119.07 (Public Records Act) until 30 days before this Agreement is considered for approval by the Board of County Commissioners or 30 days after the termination of negotiations between the parties hereto.
Contingency for Board Approval. The enforceability of this Agreement is wholly contingent upon the approval of this Agreement by the Sumter County Board of County Commissioners.
Contingency for Board Approval. This contract has already been approved by the Sumter County Board of County Commissioners and is therefore not a contingent offer.