To prescribe something is to require that it be part of an agreement. Therefore, if you enter into a contract or contract, you can decide that a particular condition must be met. The SCA concluded that KNS was unable to meet its obligations under the main agreement and that it did not comply with its obligations under the sub-contract and did not undertake the work. Mutual – Federal did not have to pay as part of the guarantee, as it was a conditional guarantee and the condition was not met. What does this mean for the construction industry? In any event, when providing a guarantee, the parties must review the text and, if necessary, discuss it with the surety – the parties must understand whether they enter into a contract to obtain an on-demand guarantee as the principal commitment of a surety or whether the guarantee is similar to a guarantee that depends on the underlying benefit. A monetary debt is a requirement of a fixed amount of money resulting from an agreement or contract. Commercial paper is often payable on request or immediately upon request. A requirement is a strong assertion that there is no doubt as to its legal strength and impact. This is a request that is made with authority. A legal requirement is a requirement that is made by a legally authorized person and is appropriate in terms of form, time and place. On-demand guarantees are primary independent obligations imposed on a guarantor to pay a guaranteed amount.
The obligations are independent of the main contract and are usually triggered by a written request to the guarantors. On the other hand, conditional guarantees are guarantees that can only be paid if a particular condition is met primarily related to the performance of the contractor or subcontractor. Demand, contracts. A claim; a legal obligation. 2.M. Coke says that the requirement is an art word, and to its extent, in its meaning, greater than any word other than the claim. Litt. sect 508; Co. Litt. 291; 2 Hill, R.
220; 9 S. – R. 124; 6 watts and 226. Therefore, the release of all claims in general is a release of all real and personal alliances, conditions, broken or not, pensions, recognitions, commitments, contracts, etc. 3 Tho. 427; 3 Penna, 120; 2 Hill, R. 228. 3. But the release of all claims does not reduce the rent before it is due, if it is a premedition of rent; because not only was the rent not due, but the reflection – the future joy of the land – for which the rent was to be given, was not executed. 1 Sid.
141; 1 Lev. 99 3 Lev. 274; ferry. That`s not the case. Get out of the way, I. Each time you enter into a legal agreement, you can define a requirement that must be met for that agreement to be complete. This provision could set some limit to the agreement. For example, if you operate a fencing business and offer a sale, you can specify that the fence must be ordered until a specific date to get the sale price. For his part, your client may decide that the work must be completed before the soil is frozen.