Guam Proposal to approve agreement of merger with copy of agreement
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How to fill out Proposal To Approve Agreement Of Merger With Copy Of Agreement?
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FAQ
If the merger or acquisition is the result of a stock purchase and employees are absorbed by the new entity, any current employment forms may remain intact unless substantive changes need to be addressed (e.g., policy changes, benefits changes, nondisclosure agreements, change in job duties or pay).
The new owner can assume or reject existing contracts when a business sells. If they choose to accept a contract, they become legally bound to fulfill the terms of the agreement, just as the previous owner was.
Some contracts may not be able to survive a business merger. For example, some personal services contracts require the original party to perform. Additionally, some contracts may have specific provisions that prohibit assignment regardless of the circumstances. And, some leases may completely prohibit assignment.
There may be a section in the contract about what happens in the event of a change in the business. The rights or duties of a party may be assigned if another party takes over the company. A business change may also necessitate a novation or substitution.
Merger. When an existing inferior right of a party, in respect of a subject matter, merges into a newly acquired superior right of the same person, in respect of the same subject matter, then the previous contract conferring the inferior right stands discharged by the way of merger.