Question: What Is Undertaking Of A Company?

Can a company give an undertaking?

Undertakings are given on behalf of the firm and not an individual.

You should only give an undertaking if you are duly authorised by your firm to do so.

You must only give undertakings which the firm will be able to comply with..

Is an undertaking enforceable?

Undertakings drafted into contracts aren’t as a general rule enforceable. To have a party sign an undertaking that they will in effect adhere to the terms of the contract and not challenge them at a later stage is therefore not advisable.

Should I accept an undertaking?

Undertakings are a fundamental part of the practice of a solicitor and their importance cannot be stated too strongly. It is essential that they be observed whenever they are given and so should only be given when it is clearly possible for them to be honoured.

How long does a court undertaking last?

6 monthsAn Undertaking will be for a fixed period of time, usually 6 months. Undertakings, when offered by a Respondent, are done so on the basis that no admissions of the allegations are made and no Finding of Fact against a Respondent in relation to allegations is made by the Court.

What is an undertaking in property law?

In a finance or property law context, in some cases, an agreement or promise to do or provide something, or to refrain from doing or providing something, which is meant to be binding on the party giving the undertaking.

What is payment undertaking?

A payment undertaking would transfer the risk from an insolvency of the exporter to a risk on the issuing bank. The issuing bank would be liable to pay the importer if the exporter fails to perform its part of the contract (subject to the terms of the guarantee or bond).

The following are the guidelines for writing an undertaking letter: Include the exact terms of conditions and any other relevant information. Ensure that the letter is drafted in a formal tone. The matter must be unambiguous and short. Ensure that the letter is signed in good faith.

What does it mean to give an undertaking?

An undertaking is a legal promise to the court. This can be either to complete an action or to prevent an action taking place. For example giving an undertaking to pay the mortgage payments monthly on the family home.

Why is undertaking dangerous?

Some drivers may find it tempting to undertake, especially if they’re faced with a middle-lane hogger, but be aware that it can be dangerous and you can be fined for doing so. Undertaking recklessly could see you receive a fixed penalty notice (FPN) for careless driving or driving without due care and attention.

What happens if you break an undertaking?

To Do or Abstain From Doing It simply means that if you break the undertaking you will subjected to the below consequences: Contempt of Court. Imprisonment. Fine and/or assets seized.

What is a breach of undertaking?

Breach of undertaking/recognizance (bail) When a person is charged with a criminal offence and released from custody pending its disposition (bail), the person will be released subject to conditions. … Conditions are things that the accused must do or not do (depending on the condition) in order to stay out of custody.

Can a solicitor give an undertaking to an individual?

must be made by or on behalf of an individual solicitor or a firm; if by a firm, must be made in the course of practice BUT if by an individual can be made outside the course of practice if made by the individual as a solicitor or REL; must be made to someone who reasonably places reliance on it; and.

What is another word for undertaking?

SYNONYMS FOR undertaking 2 project, endeavor, job, effort, venture.