Judgment and execution Clause Samples
The 'Judgment and execution' clause defines the process by which a court's decision (judgment) can be formally recognized and enforced against a party. In practice, this clause typically outlines the parties' agreement to accept a court's judgment as final and binding, and may specify the jurisdictions or courts where such judgments can be enforced. Its core function is to ensure that any legal decision reached in a dispute can be effectively implemented, providing certainty and a clear mechanism for resolving and concluding legal matters between the parties.
Judgment and execution. (A) HHSC may terminate the Agreement if judgment for the payment of money in excess of $500,000.00 that is not covered by insurance, is rendered by any court or governmental body against CONTRACTOR, and CONTRACTOR does not:
(1) Discharge the judgment or provide for its discharge in accordance with the terms of the judgment;
(2) Procure a stay of execution of the judgment within 30 days from the date of entry thereof; or
(3) Perfect an appeal of such judgment and cause the execution of such judgment to be stayed during the appeal, providing such financial reserves as may be required under generally accepted accounting principles.
(B) If a writ or warrant of attachment or any similar process is issued by any court against all or any material portion of the property of CONTRACTOR, and such writ or warrant of attachment or any similar process is not released or bonded within 30 days after its entry, HHSC may terminate the Agreement in accordance with this Section.