survival of obligations
Definition
Survival of obligations means that certain duties and responsibilities in a contract continue to exist even after the contract has officially ended. Think of it like a promise that doesn't expire just because the main deal is done, so both parties still have to honor those specific commitments long after they've parted ways.
Example
You sell your business and sign a contract with a buyer, and the confidentiality clause survives the closing, meaning you still cannot share the company's trade secrets years later even though the sale is complete.
Watch Out
Always read your contracts carefully to identify which specific clauses survive termination, because you could unknowingly be bound to obligations for years after you think the deal is 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.