Sum Certain


Also found in: Legal.

Sum Certain

In law, a specific amount of money stated in a contract. For example, a company may agree to buy another for $10 million. The $10 million price is sum certain, as opposed to an agreement to buy the other company for whatever its market value happens to be when the deal is finalized.
References in periodicals archive ?
232) Indeed, "[a]nything that prevents mere arithmetic from reducing a claim to a sum certain requires that the application be made to the court" rather than to the clerk.
If the plaintiffs claim is for a sum certain or for a sum which can by computation be made certain, application may be made to the clerk within one year after the default.
The court in Farley Realty stated that a debtor-creditor relationship was one in which there was "an unqualified obligation to pay a sum certain at a reasonably close fixed maturity date along with a fixed percentage in interest payable regardless of the debtor's income or lack thereof.
That's a sum certain Premiership players might earn in a matter of hours these days.
Med Pro petitioned to intervene, asserting that it held settlement discussions with the Cohens, the Cohens agreed to settle the matter of a sum certain within policy limits, and Dr.
An important feature of such an arrangement is that it represents an unconditional financial commitment by the assuming enterprise to pay a sum certain in amount: the face value of the insurance policy.
Therefore, in addition to requiring a sum certain, a claimant must provide a sufficient factual predicate so that a claim can be investigated.
To satisfy the first requirement, the instrument should be in writing, be designated as a debt instrument, have fixed payment dates, contain a promise to pay a sum certain at a fixed date in the future, provide for adequate, noncontingent interest, and be enforceable by the creditor.
Second, some judges have refused to award legal fees for a sum certain unless personal jurisdiction has been obtained.
However, debt will be considered straight debt if it involves an unconditional written promise to pay on demand or on a specified date a sum certain in money; the interest rate and payment dates are not contingent on profits or the borrower's discretion; there is no convertibility (direct or indirect) into stock; and the creditor otherwise would be a qualified S shareholder.
The product addresses investor requirements to lock in a sum certain at a future maturity date.