Stipulation pour autrui Sample Clauses

Stipulation pour autrui a stipulation in favor of a third person conferring a clear and deliberate favor upon him, and which stipulation is merely a part of a contract entered into by the parties and such third person may demand its fulfillment provided that he communicates his acceptance to the obligor before it could be revoked (Xxxxxxxxxx x Xxxxxxxxxxx, 79 SCRA 192); Note: When a third person accepts the benefits of a contract to which he is not a party, he is also bound to accept the concomitant obligations corresponding thereto. He should not take advantage of the contract when it suits him to do so, and rejects its provisions when he thinks they are prejudicial or onerous to him (Xxxxxxx and Co., Inc., v Xxxxxxx Bros., Inc., 107 Phil. 287). Requisites [SPF C2A]
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Stipulation pour autrui. The Initial Purchaser as stipulant and the Seller as promettant promise for the benefit of the Purchaser and the Onward Purchaser as bénéficiaire in accordance with articles 1121 and 1122 of the French Civil Code, that the Purchaser and the Onward Purchaser shall, subject to the terms and conditions hereof, have the benefit of all representations and warranties, covenants and obligations of the Seller hereunder together with the stipulant who retains such benefit. The Purchaser and the Onward Purchaser shall accept such stipulation by execution and delivery of a Letter of Acceptance in the form set out in Schedule 10 (Form of Letter of Acceptance of Stipulation Pour Autrui).

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