Common use of SURETYSHIP Clause in Contracts

SURETYSHIP. 23.1 If the signatory on behalf of the Purchaser or the signatory named in 2.1 of the Schedule of Particulars is not the Purchaser, then such signatory, by his signature hereto, hereby 23.1.1 binds himself as surety and co-principal debtor jointly and severally to the Developer for the due and property fulfilment of all the obligations of, and for the punctual payment of all sums of money which are or may become due by the Purchaser in terms of, or in connection with or arising in any way whatsoever out of this Agreement or any amendment or cancellation thereof; 23.1.2 renounces the benefits of excussion, division and cession of action, the full meaning and effect whereof he acknowledges that he knows and understands; 23.1.3 Should the Developer cede, assign and transfer its rights and delegate its obligations to a third party, then the Purchaser or the party who has bound himself/itself as surety and co-principal debtor in favour of the Developer, agrees to be bound as surety and co-principal debtor in favour of the third party to whom the Developer has transferred its rights and delegated its obligations. 23.2 Should the Developer so require, the Purchaser shall procure the signature of a Suretyship in a form and by a third party acceptable to the Developer, guaranteeing the obligations of the Purchaser in terms of this Agreement. Such Suretyship, properly completed and signed shall be delivered to the attorneys within five (5) working days of demand therefore.

SURETYSHIP. 23.1 22.1 If the signatory on behalf of the Purchaser or the signatory named in 2.1 of the Schedule of Particulars is not the Purchaser, then such signatory, by his signature hereto, hereby 23.1.1 22.1.1 binds himself as surety and co-principal debtor jointly and severally to the Developer for the due and property fulfilment of all the obligations of, and for the punctual payment of all sums of money which are or may become due by the Purchaser in terms of, or in connection with or arising in any way whatsoever out of this Agreement or any amendment or cancellation thereof; 23.1.2 22.1.2 renounces the benefits of excussion, division and cession of action, the full meaning and effect whereof he acknowledges that he knows and understands; 23.1.3 22.1.3 Should the Developer cede, assign and transfer its rights and delegate its obligations to a third party, then the Purchaser or the party who has bound himself/itself as surety and co-principal debtor in favour of the Developer, agrees to be bound as surety and co-principal debtor in favour of the third party to whom the Developer has transferred its rights and delegated its obligations. 23.2 22.2 Should the Developer so require, the Purchaser shall procure the signature of a Suretyship in a form and by a third party acceptable to the Developer, guaranteeing the obligations of the Purchaser in terms of this Agreement. Such Suretyship, properly completed and signed shall be delivered to the attorneys within five (5) working days of demand therefore.