What does foregoing mean in a contract?

forgoing implies that the buyer gives up a right or asset in return for something else of equal value. For example, a buyer for a new house might forgo the right to a warranty for the home. While this may seem like a reasonable tradeoff, in reality, it may be a huge mistake, as the buyer may be giving up more than they realize.

What does the word foregoing mean in a contract?

In the context of a commercial lease foregoing means that the tenant is not required to pay less for the remaining length of the lease term than it paid at the beginning if the tenant removes all of its improvements and personal property. If a tenant remains in the leased space after the end of the lease, the tenant is still liable for paying any rent, regardless of whether the property is left in the same condition it was in when the tenant signed the lease.

What does the term foregoing mean in a contract?

The word “forego” means to give up something that you previously had. It implies that you had the choice to do something, but you chose to not do it. For example, if you go out to dinner with a friend and someone orders dessert, it would be a foregone conclusion that you would not order dessert. You chose to not order dessert, which is the same as saying you chose to forego it.

What does the word foregoing mean in contracts?

The word foregoing in a financial contract generally refers to one party paying a larger percentage than the other party. For example, if you're a landlord looking to lease a property, you might require a security deposit from the tenant. The tenant might offer to pay $500, but you might want to require a $1,500 security deposit instead. If the tenant refuses to pay the increased amount, the lease agreement could state that the tenant will pay a "foregoing" of the remaining $500.

What does the word foregoing mean in a deed?

A deed is a legal document transferring ownership of property from one party to another. One of the most important aspects of a deed is that it conveys the property to the buyer free and clear of any other claims or interest. This means the buyer takes full rights to the property without any restrictions on it. In the deed, the seller promises to transfer the property to the buyer and to not claim any further interest in the property. This is the “foregoing” referred to in the question