Several Nature of Agent’s Rights and Obligations Clause Samples
The 'Several Nature of Agent’s Rights and Obligations' clause defines that each agent’s rights and obligations under the agreement are individual and separate, rather than collective or joint. In practice, this means that if there are multiple agents, each is responsible only for their own actions, liabilities, or entitlements, and not for those of the other agents. For example, if one agent breaches the agreement, only that agent is liable, and the others are not affected. This clause’s core function is to allocate risk and responsibility clearly among multiple agents, preventing shared liability and ensuring that obligations are not inadvertently extended to parties who are not directly involved.
Several Nature of Agent’s Rights and Obligations. The obligations of each Agent under this Agreement are several and apply only in respect of itself and its Relevant Subordinated Parties. Failure by an Agent or its Relevant Subordinated Parties does not affect the obligations of any other Agent or their respective Relevant Subordinated Parties under this Agreement. Accordingly, no Agent or its Relevant Subordinated Parties shall be responsible for the obligations, actions or omissions of any other Agent or their respective Relevant Subordinated Parties. The rights of each Agent (and its Relevant Subordinated Parties) under or in connection with this Agreement are separate and independent rights. An Agent (on behalf of its Relevant Subordinated Parties) shall be entitled to enforce its rights independently and without any action of any of the other Agents or their respective Relevant Subordinated Parties.