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LampPro Tip 1/3
Binding PromisePlay
A covenant in legal terms is a serious commitment with legal consequences if broken. SlideThe two companies formed a covenant not to reveal trade secrets.
LampPro Tip 2/3
Contractual TermsPlay
Covenants often specify actions parties must take or avoid. SlideThe covenant included a clause requiring the owner to repaint the house every five years.
LampPro Tip 3/3
Implicit TrustPlay
Entering a covenant implies a high level of mutual trust and is usually well thought out. SlideFarmers made a covenant to share the irrigation system.