Binding Effect; Third Party Beneficiary Rights Sample Clauses
The "Binding Effect; Third Party Beneficiary Rights" clause establishes that the agreement is legally enforceable by and against the parties involved and their successors or permitted assigns. In practice, this means that if a party is replaced or their rights are transferred, the obligations and benefits of the contract still apply to the new party, but no unrelated third party can claim rights or benefits under the agreement. This clause ensures that only the intended parties are bound by and can enforce the contract, thereby preventing unintended individuals or entities from asserting claims based on the agreement.
Binding Effect; Third Party Beneficiary Rights. This Agreement shall be binding upon, inure to the benefit of, and be enforceable by the heirs, personal representatives, successors and permitted assigns of the parties hereto. Nothing expressed or referred to in this Agreement is intended or shall be construed to give any person other than the parties to this Agreement, or their respective heirs, personal representatives, successors or assigns, any legal or equitable rights, remedy or claim under or in respect of this Agreement or any provision contained herein except that the Majority Stockholder shall have all the rights, remedies and claims hereunder as if it were an original signatory hereto.
Binding Effect; Third Party Beneficiary Rights. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns, and shall inure to the benefit of the Indemnified Parties. This Agreement is not intended, and shall not be construed, to give any Person other than Buyer and Seller, the Indemnified Parties (solely as provided in ARTICLE VIII), and WEC (solely to enforce Section 5.5(a)(ii), Section 5.15, Section 5.16 and Section 5.17, as such provisions or Sections relate to WEC, and Section 10.12 solely with respect to the immediately preceding provisions and Sections), and their respective successors and permitted assigns, any interest or rights (including third party beneficiary rights) with respect to or in connection with any agreement or provision herein or any matter contemplated hereby.