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Is 'jointly and severally' implied by having 2 signatories?

  • 04-08-2014 4:31pm
    #1
    NipNip
    Banned (with Prison Access) Posts: 656 ✭✭✭


    As above?


Comments

  • #2
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,627 ✭✭✭✭Marcusm


    It means that the parties are each liable for the sum in its entirety - as a joint matter and as separate matters. Each could be forced to discharge the debt if either failed to make payments. It only needs to be paid once, however.


  • #3
    NipNip
    Banned (with Prison Access) Posts: 656 ✭✭✭NipNip


    My question is moreso whether it needs to be explicit in a contract? Or is it implicit by virtue of the fact that there are two signatories to a contract? Does my question make sense lol?


  • #4
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,627 ✭✭✭✭Marcusm


    NipNip wrote: »
    My question is moreso whether it needs to be explicit in a contract? Or is it implicit by virtue of the fact that there are two signatories to a contract? Does my question make sense lol?

    Your question makes sense but ultimately it will depends on the actual terms of the contract; the imposition of such terms could be explicit in other ;language or implicit in the nature of the contract. A lawyer would have to look it over and give an opinion.


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