Guarantee Liability Sample Clauses
The Guarantee Liability clause defines the extent to which a guarantor is responsible for fulfilling the obligations of another party under a contract. Typically, this clause specifies the conditions under which the guarantor must step in, such as if the primary party defaults on payments or fails to perform contractual duties. It may also outline any limitations on the guarantor’s liability, such as monetary caps or timeframes. The core function of this clause is to allocate risk by ensuring that the beneficiary has recourse to a third party if the original obligor fails to meet their commitments, thereby providing additional security and assurance in contractual relationships.
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Guarantee Liability. 6.1 Party A shall assume the guarantee liability in the scope of guarantee in case of the maturity of the debt under the Principal Agreement or the infringement of the provisions of the Principal Agreement by the Debtor, or in case that the Debtor fails to repay the debt in due time and in full when Party B announces the early maturity of the debts under the Principal Agreement according to the terms and conditions of the Principal Agreement or the relevant laws and regulations. Party A shall pay the liquidated damage 0.05% of the overdue amount on a daily basis from the date of expiry to the date when Party A pays up the payable amounts in case that Party A fails to pay the due amounts in full in the term required by Party B. The maximum liability stated in this Agreement shall not be the upper limit of the sum of the guarantee liability Party A assumes and the liquidated damage mentioned hereinabove in this case.
6.2 No matter whether Party B has other surety for the Creditor’s rights under the Principal Agreement (including but not limited to guarantee, mortgage, pledge, Letter of Guarantee and Standby L/C), whether the surety mentioned hereinabove has established, and/or whether the surety has taken effect, and/or whether Party B has claimed its rights against other guarantors, and/or whether the third party agrees to assume the debt in part or in whole under the Principal Agreement, and/or whether the above-mentioned surety is provided by the Debtor itself, the guarantee liability Party A shall undertake under this Agreement shall not be relieved and Party B can directly ask Party A to assume its guarantee liability in the scope of guarantee in accordance with the Agreement, free of any objection from Party A.
6.3 Party A shall hold harmless Party B from and against any damages or losses related to or arising out of the claim of right of subrogation or right of recourse by Party A if the debt under the Principal Agreement can not get a full settlement even after Party A performed its guarantee liability since the maximum guarantee liability defined in this Agreement is less than the amount of the actual debt balance under the Principal Agreement. In addition, Party A agrees that the repayment of the debts under the Principal Agreement shall have priority over the exercise of the right of subrogation or right of recourse. In other words, prior to the full settlement of the debts of Party B:
6.3.1 Party A agrees not to claim right of subrogation or righ...
Guarantee Liability. 2.1 The guarantee under this contract is a joint and several liability guarantee.
2.2 The scope of the guarantee is the principal and interest, compound interest, penalty interest, liquidated damages, damages and the cost of realizing the creditor's rights under the principal contract. Expenses for realizing claims include but are not limited to collection fees, litigation fees (or arbitration fees), preservation fees, announcement fees, execution fees, attorney fees, travel expenses and other expenses.
2.3 The guarantee period shall be calculated separately according to the performance periods of each principal debt agreed in the principal contract (in the case of issuing bank acceptance draft/letter of credit/letter of guarantee, according to the date of advance payment by the creditor). The guarantee period under each principal debt shall be from the date of expiration of the performance period of such principal debt (or the date of advance payment by the creditor) to two years after the date of expiration of the performance period of the final principal debt due under the entire principal contract (or the date of advance payment by the creditor). If creditor and debtor agree that the debtor can stage to perform the payment obligations, the guarantee period of the principal debt shall be calculated separately according to each repayment obligation, from the date of expiration of the performance period of each repayment obligation (or the date of advance payment by the creditor) to two years after the date of expiration of the performance period of the final principal debt due under the entire principal contract (or the date of advance payment by the creditor). If the creditor announces that any principal debt is due early, the expiry date of the performance period of the principal debt shall be subject to the announced early maturity date.
Guarantee Liability. If the Debtor fails to make payment to the Mortgagee as agreed on any normal repayment date or early repayment date under the Master Contract, the Mortgagee shall have the right to exercise the hypothec in accordance with the law and the provisions of this Contract, and shall be given priority for repayment of the collateral within the maximum amount specified in Article 3 of this Contract. The normal repayment date referred to in the preceding paragraph is the principal repayment date, interest payment date, or the date on which the Debtor is required to pay any amount to the Mortgagee as specified in the Master Contract. The early repayment date referred to in the preceding paragraph refers to the early repayment date proposed by the Debtor with the consent of the Mortgagee, as well as the date on which the Mortgagee requests the Debtor to recover the principal and interest of the debt and/or any other payments in advance according to the contract and other agreements.
Guarantee Liability. 13.1 Seller guarantees that the work is performed according to recognised standards of good workmanship. Seller also guarantees that the Goods complies with applicable laws and regulations, current technical standards and is in conformity with the purchase order, drawings and specifications, and that any design performed by Seller is fit for the intended purpose of the Goods. Seller further guarantees that materials and equipment used are new and of high quality.
13.2 Unless otherwise agreed, the guarantee period expires 24 months after the Goods have been taken into use for its intended purpose, but not later than 36 months after delivery.
13.3 If Seller has performed rectification work during the guarantee period, a new 24 months’ period shall apply for the rectified parts of the Goods from the date of completion of the rectification work.
Guarantee Liability. 2.1 Guarantee under this Contract is joint-liability guarantee.
2.2 The scope of guarantee includes principal and interest thereof, compound interest, penalty interest, liquidated damage, compensation for damage and expenses for enforcement of credit right under the Principal Contract. The expenses caused in enforcement of credit right includes but not limited expense to press for payment, litigation fee (or arbitration fee), conservation fee, publication fee, enforcement fee, lawyer fee, travel expense and other expenses.
2.3 The guarantee period is two years from the date when the debt is mature. If the Principal Contract provides that the Debtor may pay its debt by installments, the guarantee period shall commence from the date when each installment's debt paying deadline expires until two years after the date when the last installment's debt paying deadline expires. The date of maturity of the debt under issuance of bank acceptance, letter of credit or security bond shall be the date when the creditor makes advance disbursement. If the Creditor declares earlier expiry of all debt under the Principal Contract, such earlier expiry date declared shall be the date when the debt paying deadline expiries.
2.4 In accordance with provisions of Article five of Security Law of People's Republic of China, both parties of this Contract specifically agree that: the effect of this Contract shall be independent from that of the Principal Contract; the nullification of the Principal Contract or relevant provisions thereof may not affect the effect of this Contract. The Guarantor shall bear joint liability for returning liability or compensation liability to be born by the Debtor after the Principal Contract is invalid.
Guarantee Liability. 7.1 The guarantee given by the Company differs from product to product; details and duration are given on the Company's website.
7.2 The guarantee is only valid if the equipment is correctly installed in accordance with the installation instructions and current industry standard practices. 7.3 Correct application and maintenance is also essential to validify the guarantee.
7.4 The guarantee covers components failing due to manufacturing defects only and specifically excludes labour, direct and consequential losses.
7.5 The Company reserves the right to charge the Buyer for replacement components and associated costs for claims falling outside the guarantee terms.
7.6 The guarantee period starts from the date of the invoice for supply of the goods covered by the guarantee.
7.7 If the invoice is not available, the date of production will be used based on the product identification number.
7.8 The Company shall not in any circumstances be liable for any loss (direct or indirect) of profits, business, reputation or goodwill.
7.9 The Company's total liability to the Buyer in respect of any loss arising under or in connection with the contract shall in no circumstances exceed the price of the goods.
Guarantee Liability. 1. Liability for the object of purchase‘s material defects is ruled out, here the purchase takes place as it stands and is excluded, as is, from any guarantee to the buyer. Further claims remain unaffected, as long as the seller‘s liability is man- datory by law or something else was agreed, particularly in the event of a guaran- tee given.
2. In particular, the seller does not guarantee certain life spans of objects of purchase, as stated on odometers or hour meters, he is not responsible for their accuracy.
3. If, on the basis of statutory provisions, the seller has to pay for damage which was caused by slight negligence, the seller‘s liability is limited: Liability only exists in the case of a breach of essential contractual obligations, such as those which are imposed upon the seller by the purchase agreement through its content and purpose, or whose fulfilment mainly facilitates the proper implementation of the purchase agreement, and upon which the buyer regularly relies and can rely. This liability is limited to the typical, foreseeable damage at the time of conclusion of the agreement. As long as the damage is covered by insurance taken out by the buyer for the damages concerned (excluding fixed-bene- fit insurance), the seller is only liable for possible disadvantages that may be linked with it for the buyer e.g. higher insurance premiums or interest disadvantages until damages have been paid by the insurance. Regardless of whether or not the seller is at fault, possible liability of the seller shall remain unaffected in cases where a fault is fraudulently concealed, where lia- bility results from the assumption of a guarantee or an exercise risk, and where liability is placed under the Product Liability Act. Liability for delayed delivery is covered in full in Paragraph V. Personal liability of the seller‘s legal representatives, subcontractors and emplo- yees for damages caused by their slight negligence is ruled out. The liability limitations in this paragraph do not apply to loss of life, limb or health.
Guarantee Liability. 1. Look shall assume no guarantee for a specific profit, a specific sale or other usability of the Event or the Trademark; ...
Guarantee Liability. 7.1 The customer shall examine the supplied goods immediately after the arrival at the destination also in case of previous supply of samples or specimen and especially inspect them for measurement and quantity as well as their external features and quality. The delivery shall be regarded as approved if no defect complaint could be determined within eight (8) days after the arrival of the goods at the destination or if the defect could not be recognized at the examination, if it has been received by us within eight (8) days after its discovery in written form with an exact description of the defect. Defect complaints shall always be sent to us. A complaint towards sales representatives is not sufficient. The freight forwarder shall immediately be informed about transport damages in accordance with the duties of disclosure of the German Freight Forwarders‘ Standard Terms and Conditions.
7.2 If a notification of defects is justified and has been made in due time we shall provide at our option post performance in the form of rework or compensation delivery if the customer is an entrepreneur. If the customer is a consumer, he first of all shall have the choice whether our post performance shall be carried out through rework or compensation delivery. We shall be authorized, however, to refuse the type of selected post performance if it is only possible with unreasonable costs and the other type of post performance remains without essential disadvantages for the customer.
7.3 If a rework or compensation delivery finally fails, the customer shall reduce the purchase price or withdraw from the contract. In case of unessential defects the purchaser is not entitled to withdraw. If the customer decides to withdraw from the contract after failed post performance, he shall not be entitled to claim for damages due to the defect.
7.4 The aforementioned regulations comprise the liability for defects for our goods. We particularly shall be liable for all other claims for damages to which the customer is entitled due to or in connection with defects of the supplied goods, regardless of which legal reason, exclusively in accordance with the clause 7.5 and 7.
7.5 For claims for damage due to culpable acts, regardless of which legal reasons, among others delay, defective delivery, breach of duties resulting from an obligation or duties at contractual negotiations, prohibited action, product liability (except liability according to the product liability law), we shall only be l...
Guarantee Liability. The Maximum Guaranteed Amount of the Guarantee less (without double counting) each of the following: