Common use of Sponsor’s Duties Clause in Contracts

Sponsor’s Duties. The Sponsor agrees to underwrite the payment of all money due and payable under this contract, in consideration of the services to be supplied for the benefit of the child. Where the Sponsor has agreed with the parents to make those payments on their behalf at all times, the Sponsor agrees to be the party which is billed, and undertakes to make all payments directly to CordBank, without releasing the parents from their responsibility to make payments to CordBank. Otherwise, the Sponsor acts as guarantor and underwriter for all payments due under this contract, and agrees that, if at any time any payment remains unpaid for a period of 3 months, then he or she will be directly liable to CordBank for all outstanding and future payments, any right of reimbursement from the parents being strictly between the Sponsor and the parents. The Sponsor acknowledges that CordBank will terminate this contract if he or she fails to make those payments. The Sponsor may assign his or her responsibilities under the Contract but only if CordBank agrees in writing. CordBank will not unreasonably withhold consent.