Purchaser shall not assign this Agreement or any interest therein to any Person, without the prior written consent of Seller, which consent may be withheld in Seller’s sole discretion. Sample 2 – Purchase and Sale AgreementĪssignment. Security Exchange Commission - Edgar Database, EX-10.29 3 dex1029.htm SALES CONTRACT, Viewed May 10, 2021. In order that the parties may fully exercise their rights and perform their obligations arising under the Contract, any provisions of the Contract that are required to ensure such exercise or performance (including any obligation accrued as of the termination date) shall survive the termination of the Contract. Any assignment or transfer not in accordance with this Contract shall be void. The Contract shall bind and inure to the benefit of the successors and permitted assigns of the respective parties. Assignment Clause Samples Sample 1 – Sales ContractĪssignment Survival. Neither party shall assign all or any portion of the Contract without the other party’s prior written consent, which consent shall not be unreasonably withheld provided, however, that either party may, without such consent, assign this Agreement, in whole or in part, in connection with the transfer or sale of all or substantially all of the assets or business of such Party relating to the product(s) to which this Agreement relates. Here’s an article about the different types of assignment clauses. Many mergers and acquisitions transactions, such as insurance companies taking over customer policies during a merger Unique real estate obligations transferring to a new property owner as a condition of sale New services providers taking over existing customer contracts A business closing or a change of control occurs The Uniform Commercial Code (UCC) permits the enforceability of assignment clauses. The purpose of assignment clauses is to establish the terms around transferring contractual obligations. Here’s another article about assignment clauses. Some agreements have limitations or prohibitions on assignments, while other parties can freely enter into them. Assignment Clause ExplainedĪssignment contracts are helpful when you need to maintain an ongoing obligation regardless of ownership. Here’s an article about assignment clauses. They can commonly be seen in contracts related to business purchases. In other words, an assignment clause can reassign contracts to another party. Assignment clauses are legally binding provisions in contracts that give a party the chance to engage in a transfer of ownership or assign their contractual obligations and rights to a different contracting party.
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