Two or More Persons Clause Samples
The "Two or More Persons" clause defines how contractual rights and obligations are managed when more than one individual or entity is a party to the agreement. Typically, this clause clarifies whether the parties are jointly, severally, or jointly and severally liable for fulfilling the contract's terms, meaning each person may be responsible for the entire obligation or only their share. For example, if two people sign a lease, this clause would specify whether both are equally responsible for the full rent or just their portion. Its core function is to allocate responsibility and clarify liability among multiple parties, thereby preventing disputes and ensuring all parties understand their obligations.
Two or More Persons. Where you are two or more persons in relation to one Account:
(a) the liability of each person will be joint and several;
(b) we may receive instructions from any one person who is, or appears to us to be, such a person, whether or not such person is an Authorised Person;
(c) any notice or other communication given by us to one person will be deemed to be notice to all persons in relation to the account; and
(d) any Event of Default in respect of any one person will be an Event of Default in respect of you.
Two or More Persons. 3.4.1 Where two or more natural persons and no others are named as the client, the Account will be established in their names as joint tenants unless they specifically request otherwise. The joint holding will only be deemed not to be held as joint tenants if there is a court determination that it is not held as joint tenants.
3.4.2 Where you are two or more persons in relation to one Account:
(a) the liability of each person will be joint and several;
(b) we may receive instructions from any one person who is, or appears to us to be, such a person, whether or not such person is an Authorised Person;
(c) any notice or other communication given by us to one person will be deemed to be notice to all persons in relation to the account; and
(d) any Event of Default in respect of any one person will be an Event of Default in respect of you.