Irrevocable Offer and Required Approval Sample Clauses
The 'Irrevocable Offer and Required Approval' clause establishes that an offer made under the agreement cannot be withdrawn by the offeror for a specified period and is contingent upon receiving certain approvals before it becomes binding. In practice, this means that once an offer is submitted, the party making the offer is legally bound to keep it open and cannot retract it until the stated time expires or the necessary consents—such as board, shareholder, or regulatory approvals—are obtained. This clause ensures that the offeree has a reliable window to consider the offer while also protecting both parties by making the agreement conditional on essential approvals, thereby reducing the risk of premature or unauthorized commitments.
Irrevocable Offer and Required Approval. The submission of this Lease for examination does not constitute an offer to lease, or a reservation of or option for the Premises, and this Lease becomes effective only upon execution and delivery thereof by both Landlord and Tenant.
Irrevocable Offer and Required Approval. In consideration of Landlord’s administrative expense in considering this Lease and the term of Tenant’s proposed tenancy hereunder, Landlord’s reservation of the leased Premises pending such consideration and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Tenant’s submission to Landlord of this Lease, duly executed by Tenant, shall constitute Tenant’s irrevocable offer to continue for thirty (30) days from and after receipt by Landlord of the said Lease duly executed by Tenant or until Landlord shall deliver to Tenant written notice of rejection of Tenant’s offer, whichever shall first occur. If within said thirty (30) day period Landlord shall neither return the Lease duly executed by Landlord nor so advise Tenant of Landlord’s rejection of Tenant’s offer, then after said thirty (30) day period Tenant shall be free to revoke its offer.