Reliance and Consideration Sample Clauses
The Reliance and Consideration clause establishes that each party is entering into the agreement based on specific promises or representations made by the other party, and that there is something of value (consideration) being exchanged. In practice, this clause confirms that both sides have relied on the stated terms and that mutual obligations or benefits exist, such as payment for services or delivery of goods. Its core function is to reinforce the enforceability of the contract by demonstrating that both reliance and consideration are present, which are essential elements for a legally binding agreement.
Reliance and Consideration. Any manager or Indemnified Officer who at any time after the adoption of this Article serves or has served in any of the aforesaid capacities for or on behalf of the Company shall be deemed to be doing or to have done so in reliance upon, and as consideration for, the right of indemnification provided herein. Such right shall inure to the benefit of the legal representatives of any such person and shall not be exclusive of any other rights to which such person may be entitled apart from the provisions of the Article. No amendment, modification or repeal of this Article shall adversely affect the right of any director or Indemnified Officer to indemnification hereunder with respect to any activities occurring prior to the time of such amendment, modification or repeal.