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.
Maine Negotiating and Drafting Successors and Assigns Provisions
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FAQ
Definitions of heirs, successors and assigns the people who will receive money, property, or other assets when a person dies (=the heirs and successors) and the people to whom the heirs may in turn give that property (=the assigns), ing to the deceased's will.
Assignment Clause Example ?The Buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the Seller; said assignment not to relieve the Buyer from his or her obligation to complete the terms and conditions of this contract should be assigning default.?
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.
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.
A Standard Clause, sometimes referred to as a binding effect and enurement 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.
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.
This language states the agreement is binding on ?heirs, successors, and assigns,? but it might not be obvious to some what that means. ?Heirs? applies only if the contracting party is an individual and that party dies. The people who inherit under the will or state law are that individual's heirs.
BINDING ON SUCCESSORS . This agreement is binding on and will inure to the benefit of the respective heirs, legal representatives, successors, and assigns of the parties; provided, however, that Subcontractor shall not assign this Contract without Contractor's prior written consent.