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Without a liquidation agreement in place, the subcontractor would be obligated to bring its claims directly against the general contractor, who in turn would sue the owner.
This arrangement requires the involvement of additional parties, and as a result is expensive and time-consuming.
THIS AGREEMENT ("Agreement") is entered into as of August 23, 2007 by and among Catuity Inc., a Delaware corporation (the "Company"), the undersigned subsidiaries of the Company (each a "Subsidiary" and collectively and together with the Company the "Subsidiaries"), Gottbetter Capital Master, Ltd., a Cayman Islands company ("Gottbetter") and Bridgepointe Master Fund Ltd., a Cayman Islands Exempted Company ("Bridgepointe," collectively with Gottbetter, the "Holders").
This Membership Interest Liquidation Agreement (the Agreement) is made and entered into among Cactus Precious Metals LLC, a Colorado limited liability company (the Company) and Pan American Gold Corporation (the Member), effective as of December 31, 2004 (the Effective Date).
In contrast, liquidation agreements allow the general contractor to “pass through” or sponsor the subcontractor’s claim by bringing a claim directly against the responsible party and agreeing to turn over what recovery, if any, it ultimately obtains.
In a case where a contractor enters into a liquidating agreement with a subcontractor to liquidate any liability that it might have to the latter for delay damages caused by the owner which could be recovered in lawsuit brought in contractor’s name against owner, admission of liability by the contractor is clearly implicit in the agreement.
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The contractor contracting to such an agreement is required to take all reasonable steps necessary to ensure the subcontractor’s right, if any, to recover from the contractor.
 Therefore the contractor has a duty to the subcontractor to present his claim in a fair manner, and a failure to do so could be considered a breach of contract and may entitle the subcontractor to bring suit against the contractor.
If the original partnership agreement doesn't outline the terms of liquidation, a Liquidation Agreement may help to prevent disputes about the partners' entitlements and responsibilities.