survival
Definition
Survival is a contract clause that keeps certain promises and obligations alive even after a contract officially ends. Think of it as a list of commitments that both parties agree will outlast the contract itself, such as confidentiality duties or warranties about the products or services provided.
Example
You sell your business and the purchase agreement includes a survival clause, which means the buyer can still sue you two years later if they discover you lied about the company's finances during the sale.
Watch Out
Pay close attention to how long survival clauses last, because some can expose you to lawsuits for years after you thought the deal was completely finished.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.