Assignment Succession Etc Sample Clauses
The "Assignment, Succession, Etc." clause governs whether and how a party to the agreement can transfer its rights or obligations to another entity, such as through assignment or succession. Typically, this clause specifies if prior written consent is required before a party can assign the contract, and may address what happens in the event of a merger, acquisition, or the death of an individual party. Its core function is to maintain control over who is bound by or benefits from the contract, thereby preventing unwanted or unapproved transfers that could affect the parties' interests or the contract's performance.
Assignment Succession Etc. 12.1 Neither Party shall be entitled, at any time, to assign any or all of its rights under this Agreement and/or transfer any or all of its obligations under this Agreement to a third party without the prior written consent of the other Party (such consent not to be unreasonably withheld or delayed).
12.2 In the event NGT consents to the transfer by the Consumer of all of its rights and obligations under this Agreement to a third party, the Monthly Option Fee shall cease to be payable by NGT to the Consumer with effect from the date such transfer is effective.
12.3 This Agreement shall be binding upon and ensure for the benefit of the Parties’ respective successors and permitted assigns.
12.4 Except as expressly provided in this Agreement, this Agreement does not constitute either Party as the associate, agent, partner or legal representative of the other for any purposes whatsoever, and neither Party shall have any express or implied right or authority to assume or to create any obligation or liability on behalf of or in the name of the other Party.
Assignment Succession Etc