Representations Section

Definition

Representations Section. Section containing statements held out by one party to the other as being true and correct at the time of the Agreement. A representation, as contained in this section of a contract, is a statement by one other party asserting that some given state of the world exists.

Issues and Challenges

Things still to tease out: there is a difference at law between a warranty and a representation. There are differences between the implications if one or other proves to be untrue: one will render the contract void; the other renders only specific elements of the contract void or makes some difference between those elements. A warranty is likely a stronger assertion thatn a representation (has greater impact).

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.