Triggered Obligation Provision: Difference between revisions
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(Created page with "A Triggered Obligation Provision is a contract provision that stipulates specific duties that become enforceable under predetermined conditions. * <B>Context:</B> ** It can (typically) specify the Trigger Event, Obligated Party, Required Action, Manner of Performance, and Objective of the Action. ** It can be part of broader contract sections like Damage and Destruction Clause or Maintenance and Repair Section within a Lease Agreemen...") |
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Revision as of 20:06, 24 April 2024
A Triggered Obligation Provision is a contract provision that stipulates specific duties that become enforceable under predetermined conditions.
- Context:
- It can (typically) specify the Trigger Event, Obligated Party, Required Action, Manner of Performance, and Objective of the Action.
- It can be part of broader contract sections like Damage and Destruction Clause or Maintenance and Repair Section within a Lease Agreement.
- It can range from being as specific as a Casualty Damage Repair Provision to as general as any Contractual Obligation tied to specific conditions.
- It can ensure compliance and clear understanding of responsibilities when specific conditions are met.
- It can provide a framework for enforceable actions in various contractual scenarios, from lease agreements to service contracts.
- ...
- Example(s):
- an Casualty Damage Repair Provision that activates when leased premises are damaged, obligating the lessor to begin and continue repairs in a timely and thorough manner, aimed at restoring the premises to their prior condition.
- a Service Level Agreement Provision that triggers penalties if the service provider fails to meet agreed performance standards.
- ...
- Counter-Example(s):
- General Obligation Provisions, which may outline ongoing duties not tied to specific conditions or triggers.
- ...
- See: Contract Provision, Lease Agreement, Damage and Destruction Clause, Maintenance and Repair Section, Service Level Agreement