How is Third Party Owner defined in a legal contract?
- Third Party Owner means any person who is a legal or beneficial owner of any assets used or occupied by, or in the possession of.
Seen in 157 SEC filings - Third Party Owner means an entity that owns a generating facility located on another's premises and has entered into a contract with them for provision of power from the facility.
Seen in 46 SEC filings - Third Party Owner means a third party with whom an entity has entered into a lease, management, or similar agreement regarding a site.
Seen in 27 SEC filings - Third Party Owner means a developer who generates solar energy on a rooftop, but doesn’t own the rooftop, and enters into a lease or commercial agreement with the rooftop owner.
Seen in 13 SEC filings - Third Party Owner means a developer generating renewable energy in the premises, but who does not own the premises, and who also enters into a lease or commercial agreement with the owner of the premises.
Seen in 8 SEC filings
If a term is present multiple times, only write one definition for it. If the meaning is identical (e.g. a developer who generates solar energy on a rooftop...), then use the filing with the greatest number of SEC filings.
First definition is applicable, even though we do not know the name of the original company because the sentance does not reference a specific company.
The third, fourth and fifth definitions are valid after removing the mentions of specific contracts and agreements.
Which definition should you use?
🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
Third Party Owner means a person who legally owns assets used by [organization], and doesn't necessarily occupy those assets.
Relevant Contract Types
Relevant Circumstances
- Ownership transfer of assets
- Start of a franchise
- Lease of assets
Relevant Sectors
Genie Definition 2
Third Party Owner means an entity owning a generation facility on [organization] premises, providing power through a contract.
Relevant Contract Types
Relevant Circumstances
- Onsite energy generation
- Power supply arrangements
Relevant Sectors
Genie Definition 3
Third Party Owner means a party who enters a lease or agreement about a property with [organization], but does not own the property.
Relevant Contract Types
Relevant Circumstances
- Lease of commercial spaces
- Subletting situations
- Joint venture operations
Relevant Sectors
Please replace '[organization]' as per your specific context and needs in all contracts and dealings.
Are you creating, reviewing or negotiating a document?
🚀 Try our AI Legal Assistant! It can suggest a definition just for your specific needs (Simply import your contract, then ask it to draft a definition suitable for your document, that's it!)
Third Party Owner means a person who legally owns assets used by [organization], and doesn't necessarily occupy those assets.
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