Financially Responsible Clause Samples
The 'Financially Responsible' clause defines which party is obligated to bear certain financial costs or liabilities under the agreement. Typically, this clause specifies who must pay for expenses such as taxes, fees, damages, or other monetary obligations that arise during the course of the contract. For example, it may state that the buyer is responsible for shipping costs, or that the seller must cover any penalties incurred. The core function of this clause is to clearly allocate financial responsibility, thereby preventing disputes and ensuring that both parties understand their monetary obligations.
Financially Responsible. The Subrecipient shall be financially responsible for any deprivation of employment or other worsening of employment position as a result of the project.
Financially Responsible. The Cooperative’s business model will be based on realistic and justifiable assumptions and shall be undertaken in a reasonable and prudent manner so as to enable it to operate sustainably over the long term.
Financially Responsible. That they are financially responsible, able to meet their obligations and acknowledge that this investment will be speculative.
Financially Responsible. Borrower is solvent, is not bankrupt, has not committed any acts of bankruptcy, and there are no outstanding liens, suits, garnishments, bankruptcies or court actions against Borrower which could reasonably be expected to render Borrower insolvent or bankrupt.
Financially Responsible. Guarantor is solvent, is not bankrupt, and to Guarantor’s Knowledge, there are no outstanding liens, suits, garnishments, bankruptcies or court actions against Guarantor which could reasonably be expected to render Guarantor insolvent or bankrupt.
Financially Responsible. Each Loan Party is solvent, is not bankrupt, has not committed any acts of bankruptcy, and there are no outstanding Liens, suits, garnishments, bankruptcies or court actions against any Loan Party which could reasonably be expected to render such Loan Party insolvent or bankrupt.
Financially Responsible. Its business model will be based on realistic and justifiable assumptions so as to enable it to operate sustainably over the long term.