Legal Question in Business Law in Arizona
Guarantor on a Asset Purchase Agreement
Is it common and or required in Arizona legal documents to include heirs in a contract agreement? I am in contract negotiations to purchase a 14 year old company and the agreement includes a clause ''Binding Upon Heirs'' stating; This Agreement shall be binding upon the parties, their heirs, legal representatives, successors, and assigns.
Asked on 8/24/05, 3:51 pm
1 Answer from Attorneys
Donald Scher
Donald T. Scher & Associates, P.C.
Re: Guarantor on a Asset Purchase Agreement
Yes, it is a common provision to bind all possible successors in interest to a transaction in order to get the benefit of your bargain, even if the party you are dealing with becomes incapacitated or dies.
Answered on 8/24/05, 3:56 pm
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