Right or duty Sample Clauses
The 'Right or duty' clause defines whether a party has the authority (a right) or an obligation (a duty) to take certain actions under the agreement. In practice, this clause clarifies if a party may choose to perform an action, such as exercising an option, or if they are required to do so, such as fulfilling a contractual obligation. By distinguishing between rights and duties, the clause ensures both parties understand their respective powers and responsibilities, thereby reducing ambiguity and potential disputes over performance expectations.
Right or duty. A right or duty in favor of or against a qualified holder may not arise under an affordable housing covenant unless it is accepted by the qualified holder. [PL 1991, c. 373 (NEW).]