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What are further assurances in a contract?

A further assurances clause is part of the standard boilerplate in most sophisticated commercial agreements. It provides that a party shall provide cooperation and assistance to the other party in executing duties under the contract.

What does further assurances mean in real estate?

A covenant of further assurances is the related promise that the grantor will do whatever is necessary to remove a defect associated with title, such as an encumbrance, if it arises, and if the problem is not fixed, damages will be awarded.

What are provisions in real estate?

Real Estate. Contingency provisions, or if clauses, are those conditions in real estate contracts that must come to pass before a sale closes. If the conditions do not occur, the sale will likely not occur unless the parties can negotiate a different agreement that resolves the issue.

What are parts of a contract called?

Contracts are made up of three basic parts an offer, an acceptance and consideration. The offer and acceptance are what the purpose of the agreement is between the parties. A public relations firm offers to provide its services to a potential client.

What is a consideration clause in a contract?

A consideration clause is the payment in return of the promise of something of value. Like a service, property, a promise etc. Each and every party who enters into a contract and benefits from the contract must be given consideration. It is a value of something which is being exchanged for a bargain.

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