Common use of Assignment and Succession Clause in Contracts

Assignment and Succession. 17.1 The terms, provisions and conditions of this Agreement shall extend to be binding upon, and inure to the benefit of the Parties, their respective successors, permitted assigns and legal representatives. No Party may make any assignment or other transfer of the rights and/or obligations under this Agreement without the prior written consent of the other Party hereto, such approval to not be unreasonably withheld, except that such consent is not required in the event of an assignment: (i) by any Party, to the successor of such Party when such succession results by way of merger, consolidation, sale or transfer of all or substantially all of the assets and business of such Party related to this Agreement (whether directly or indirectly), (ii) by SHIPPER, to an Affiliate of SHIPPER or (iii) by CARRIER, to an Affiliate of CARRIER. In the instance of any assignment permitted hereunder, the assignor shall be released of further liability hereunder only upon the execution of an assignment and assumption document reasonably acceptable to the other Parties. Any assignment or other transfer in contravention of the terms and provisions of this Agreement shall be void and of no force or effect.