What is the benefit of shall be binding upon and inure?

The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors, assigns, heirs, beneficiaries and representatives of Borrower and Silicon; provided, however, that Borrower may not assign or transfer any of its rights under this Agreement without the prior written consent of …

What does inure to the benefit of the parties mean?

Inure to Benefit The phrase “to inure to the benefit of the parties” can also refer to the act of solidifying a person’s interest, or what he deserves to receive as the result of the property-related transaction. This phrase also binds others to the contract who are not necessarily signatories to that contract.

Shall be binding upon and inure meaning?

Do I really have to say it? OK, here goes: inure (meaning “to take effect; to come into use”) is lame. You might know inure from “successors and assigns” provisions: This agreement is binding upon, and inures the benefit of, the parties and their respective permitted successors and assigns.

What does binding on heirs and assigns mean?

“Binding upon” boilerplate states that the contract binds the parties, their successors and assigns, or their legal representatives, or their heirs, executors, and administrators.

What does binding upon mean?

adjective. /ˈbaɪndɪŋ/ /ˈbaɪndɪŋ/ ​binding (on/upon somebody) that must be obeyed because it is accepted in law.

What does inure agreement mean?

to take effect, to come into use
Inure, meaning “to take effect, to come into use,” features in the phrase inures to the benefit, which is a fixture in contracts. The phrase inures to the benefit is used in all kinds of. contracts as a wordy alternative to the verb benefits.

What does it mean to inure?

In regards to property law, inure means to vest, which essentially is granting a fixed, immediate right of current or future enjoyment. This is important since it means that an individual now has an absolute right to a current or future interest in something of value.

What are the benefits of agreement?

What Are the Benefits of Contracts? Well-drafted contracts provide you and your business many benefits such as: Clarity in business relationships, agreements, and rights of parties. Avoiding potential contract disputes and litigation.

Can an Agreement be binding on heirs?

This Agreement and all of its terms, conditions and covenants are intended to be fully effective and binding, to the extent permitted by law, on the heirs, executors, administrators, successors and assigns of the parties to this Agreement.

Are heirs bound by contracts?

The general rule, therefore, is that heirs are bound by contracts entered into by their predecessors-in-interest except when the rights and obligations arising therefrom are not transmissible by (1) their nature, (2) stipulation or (3) provision of law.

What does binding upon all parties mean?

/ˈbaɪndɪŋ/ us. used to describe an agreement, contract, etc. that cannot be changed or stopped: Once signed, these documents are legally binding. binding on sb The court ruled that verbal distribution agreements are binding on both parties.