BUSINESS SUCCESSION. The change in ownership of a company, of a workplace or of an autonomous production unit does not by itself extinguish the employment relationship, as the new employer subrogates in the labour and Social Security rights and obligations of the former employer, including pension commitments, in the terms set forth in the specific legislation thereon, and, in general, any and all complementary employee welfare obligations the former employer had acquired. Notwithstanding the provisions of Social Security legislation, the assignor and assignee in transfers occurring by virtue of inter vivos act, will be jointly and severally liable for three years for the labour obligations arising prior to the transfer and which have not been met. The assignor and the assignee will also be jointly and severally liable for obligations arising after the transfer, when the assignment has been declared a criminal offence.
BUSINESS SUCCESSION. As of the Closing Date, Buyer shall have the right to represent that it is carrying on business in succession to the Hampshire Hosiery Division of Seller. Seller will, on request of Buyer, and at Buyer's expense, give notices to that effect to such of Seller's customers, suppliers and others with whom Seller has had business relations. The notices shall be in a form satisfactory to Buyer. Seller shall allow Buyer, for a one (1) year period after the Closing Date, to continue to use remaining stocks of packaging and sample packs using the Hampshire name.
BUSINESS SUCCESSION. As of the Closing Date, Buyer shall have the right to represent that it is carrying on business in succession to the Hampshire Hosiery Division of Seller, but neither Buyer nor any of its affiliates will use "Hampshire" as part of its name. With the assistance of Seller, Buyer, at Buyer's expense, shall give notices of the change in ownership to all businesses and individuals whom it desires to do business with, if the business or individual was a former customer, supplier or others with whom Seller had done business.
