Common use of Obligations by both Parties Clause in Contracts

Obligations by both Parties. The Parties will be conducting appropriate background checks, obtaining necessary licenses, permits, and registrations, and adhering to any waiting periods or restrictions imposed by law. Failure to comply with these laws and regulations may result in severe legal consequences, including civil and criminal penalties, fines, imprisonment, or revocation of relevant licenses or permits. Furthermore, the Parties acknowledge and agree that any firearms involved in the sale shall be sold only to individuals who meet the legal requirements and are eligible to possess firearms. The Parties shall exercise due diligence in verifying the eligibility of Customers and ensuring that all necessary background checks and procedures are completed before transferring any firearms. Both Parties shall maintain accurate records of all firearm sales as required by applicable laws and shall provide any necessary reports or information to the relevant authorities upon request. It is understood that any violation of the aforementioned laws or regulations may result in the termination of his Agreement and the imposition of additional legal remedies available under the law.