Common use of Practical Effect Clause in Contracts

Practical Effect. The Guarantee makes you personally liable for Xx Xxxxxx Bloggs’s obligations should they be unable to pay. The Provider will be able to pursue you, and any of your personal assets, for any debt, including interest and costs, owed by Xx Xxxxxx Bloggs. You will also be liable to indemnify the Provider for any losses, costs, claims, liabilities, damages, demands, and expenses incurred by the Provider in connection with recovering the guaranteed amount from Xx Xxxxxx Bloggs, or you.