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What do these clauses mean in plain english: 38.3 The Covenantors

Resolved Question:

What do these clauses mean in plain english:

38.3 The Covenantors jointly and severally indemnify the purchaser against all liability and loss arising from the vendor’s breach of this agreement including any warranty or from any term or condition of this agreement not being enforceable against the vendor for any reason, including due to any want of authority or power or inadequate execution of this agreement.
38.4 It is not necessary for the purchaser to incur any liability or pay money before enforcing that right of indemnity.
38.5 The Covenantors waive any right either of them has of first requiring the purchaser to enforce any right against the vendor before the purchaser makes claim under this guarantee and indemnity.
38.7 Each Covenantor’s liability and the rights of the purchaser under this guarantee and indemnity are not affected by anything which might otherwise affect them at law or in equity .
38.8 If a claim that a payment to the purchaser is void or voidable is upheld, then the purchaser is entitled immediately to the rights to which the purchaser would have been entitled under this guarantee and indemnity if the payment had not occurred.
Submitted: 1 year ago.
Category: Australia Law
Expert:  Daniel replied 1 year ago.
Hello

38.3 The covenantors, will protect the buyer and be liable for any loss from the guy who is selling the property if the seller stuffs up.

38.4 The buyer Wont pay anything before enforcing the above. ie buyer wont pay for anything if it stuffs up.

38.5 the covenantors does not give a right for the buyer to enforce any action against the buyer

38.7 regardless of what clauses there are, laws, regulations etc are still included.

38.8 if payment is void, dodgy or upheld in court, then the buyer can still be indemnified and the covenantors must still pay.

please accept
Customer: replied 1 year ago.


please restate 38.5 and 38.7 differently which are not clear

Expert:  Daniel replied 1 year ago.
38.5 is basically the covenantors covers the seller against any right for the seller to sue them.

38.7 means that the laws / legislation etc are still valid, regardless of any agreements.

Please accept
Daniel, Solicitor
Category: Australia Law
Satisfied Customers: 3594
Experience: Bachelor of Laws (dist) Graduate Diploma in Legal Practise. Admitted NSW Supreme Court / High Court
Daniel and 2 other Australia Law Specialists are ready to help you
Expert:  Daniel replied 1 year ago.
Hello

Is there any further assistance i can be of?

If not, please accept.

:)

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