Common use of Personal liability of signatory Clause in Contracts

Personal liability of signatory. If the PURCHASER is to be a company or close corporation still to be incorporated, the person signing this document on behalf of the company or close corporation to be incorporated, hereby warrants in his personal capacity that the company or close corporation will timeously be properly incorporated or formed and will timeously take the necessary steps to make this Agreement binding on it. Should the said warranty be breached, then without prejudice to the SELLER's other rights, the person signing this document on behalf of the said company or close corporation will be personally obliged to carry out each and every obligation imposed upon the PURCHASER in this document.