Contract Change Of Control Clause
Description
How to fill out Construction Contract Change Order?
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FAQ
Write down the clauses in the original contract that you wish to delete. Use plain language, for example: "Item 12 of the Original Agreement shall be deleted."
The general rule is that change of control of a corporate entity is not an assignment by operation of law, and therefore does not violate a basic anti-assignment provision.
Always put a contract amendment in writing and make sure both parties sign and date it. Reference the title of the contract, if applicable; its original parties; and original signing date, so that it is clear what document you are amending. Attach the amendment to the original contract.
A change of control provision is an agreement where a party has certain rights, such as payment, consent, or termination. This is often related to a change in management or ownership of the opposite party.
Summary. Parties normally seek to include provisions in an agreement that allow for either termination or an adjustment of their rights, such as payment, upon a change of structure or ownership of the other party. This is known as a change of control clause.
