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LSDefine
Simple English definitions for legal terms
joint covenant
Read a random definition: bank examiner
A quick definition of joint covenant:
A joint covenant is a promise made by two or more people together. It is a formal agreement that is usually written down in a contract. There are different types of covenants, such as affirmative covenants that require someone to do something, and negative covenants that require someone to not do something. Covenants can also be related to land, and can bind future owners of the land.A more thorough explanation:
Definition: A covenant that binds two or more covenantors together.
Example: Two neighbors agree to maintain a shared fence between their properties. They both sign a joint covenant stating that they will split the cost of repairs and upkeep for the fence.
Explanation: In this example, the joint covenant binds both neighbors together in their obligation to maintain the fence. They are both responsible for upholding the terms of the covenant, and if one neighbor fails to do so, the other can hold them accountable. This type of covenant is often used in situations where multiple parties have a shared interest or responsibility in a property or asset.