Common use of Valid Consideration Clause in Contracts

Valid Consideration. Employee and HouseValues Inc. agree that the offer of severance pay by HouseValues Inc. to Employee described in the preceding paragraph is not required by HouseValues Inc.’s policies or procedures or by any pre-existing contractual obligation of HouseValues Inc. or by any statute, regulation or ordinance, and is offered by HouseValues Inc. solely as consideration for this Agreement. In the event Employee fails to abide by the terms of this Agreement, HouseValues Inc. may elect, at its option and without waiver of other rights or remedies it may have, not to pay or provide any unpaid severance payments, and to seek to recover previously paid severance pay.

Valid Consideration. Employee and HouseValues Inc. agree that the offer of severance pay and benefits by HouseValues Inc. to Employee described in the preceding paragraph is not required by HouseValues Inc.’s policies or procedures or by any pre-existing contractual obligation of HouseValues Inc. or by any statute, regulation or ordinance, and is offered by HouseValues Inc. solely as consideration for this Agreement. In the event Employee fails to abide by the terms of this Agreement, HouseValues Inc. may elect, at its option and without waiver of other rights or remedies it may have, not to pay or provide any unpaid severance payments, and to seek to recover previously paid severance pay.