This form provides boilerplate contract clauses that outline the permissibility and obligations of any successors or assigns of parties to the contract. Several different language options representing various levels of restriction are included to suit individual needs and circumstances.
Hawaii Negotiating and Drafting Successors and Assigns Provisions
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FAQ
Assignment refers to the transfer of some or all property rights and obligations associated with an asset, property, contract, etc. to another entity through a written agreement. For example, a payee assigns rights for collecting note payments to a bank.
That 3rd party then ?steps into the shoes? of the original party, as an ?Assignee.? A ?successor,? however, is more broad. A successor can be voluntary (as through an assignment), involuntary, or without any action on anyone's part, as by operation of law.
The successors and assigns clause, sometimes referred to as the inurement (or enurement) clause, states that the agreement is for the benefit of, and can be enforced by, the successors, permitted assigns, and, sometimes, heirs of the parties or other designated third parties.
Sample Language Successors and Assigns. Neither Party may assign its rights or delegate its duties under this Agreement without the prior written consent of the other Party (which consent shall not be unreasonably withheld or delayed), and any purported attempt to do so shall be null and void.
For value received, I, _______________________________ as assignor, herby transfer and assign to __________________________________________, as assignee, his heirs and assigns, all rights and interest in that contract between ________________________________________, seller, and assignor ...
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither the Company not Puxin shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other parties.
A Standard Clause, sometimes also referred to as a binding effect clause, stating the parties' intention that their respective successors and assigns be entitled to the benefits of, and subject to the obligations created by, the agreement.
The Binding Effect, sometimes referred to as "Successors and Assigns," says that the agreement to which it pertains benefits all of the parties involved and legally binds them to the agreement.