Assignments Upon Termination Clause Samples
The "Assignments Upon Termination" clause defines how rights and obligations under a contract may be transferred to another party when the agreement ends. Typically, this clause outlines whether either party can assign their interests to a third party upon termination, and may specify any conditions or approvals required for such assignments. Its core function is to clarify the process for transferring contractual responsibilities or benefits after termination, thereby preventing disputes and ensuring a smooth transition or closure of contractual relationships.
Assignments Upon Termination. 9.5.1 Upon any termination by either party, to the extent Owner elects to take legal assignment of contracts and purchase orders (including rental agreements) (and ▇▇▇▇▇▇ Mechanical hereby grants to Owner the right to do so), ▇▇▇▇▇▇ Mechanical shall execute and deliver all such documents and take all such actions as Owner may require for the purpose of fully vesting Owner with the rights and benefits of ▇▇▇▇▇▇ Mechanical under such contracts and purchase orders. ▇▇▇▇▇▇ Mechanical, and not Owner, shall remain liable for all obligations under those contracts and purchase orders preceding the later of the date of termination or the effective date of the assignment. The effective date of the assignment shall be the date designated by Owner as the effective date of the assignment.
Assignments Upon Termination. 11.3.3.1 Upon any termination by either party, to the extent Owner elects to take legal assignment of contracts and purchase orders (including rental agreements) (and Design-Builder hereby grants to Owner the right to do so), Design-Builder shall execute and deliver all such documents and take all such actions as Owner may require for the purpose of fully vesting Owner with the rights and benefits of Design-Builder under such contracts and purchase orders. Design-Builder, and not Owner, shall remain liable for all obligations under those contracts and purchase orders preceding the later of the date of termination or the effective date of the assignment. The effective date of the assignment shall be the date designated by Owner as the effective date of the assignment.