Definition – Affiliate Clause Samples
The 'Definition – Affiliate' clause establishes the meaning of the term 'Affiliate' as used throughout the agreement. Typically, it clarifies that an affiliate refers to any entity that controls, is controlled by, or is under common control with a party to the contract, such as parent companies, subsidiaries, or sister companies. By providing a clear and specific definition, this clause ensures that references to affiliates are unambiguous, which helps prevent misunderstandings about the scope of rights and obligations that extend to related entities.
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Definition – Affiliate. When used in this Agreement the term “Affiliate” means, as to any specified person, any other person that directly or indirectly controls, or is under common control with, or is controlled by, such specified person and, if such other person is an individual, any member of the immediate family of such individual. As used in this definition, "control" (including, with its correlative meanings, "controlled by" and "under common control with") shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract, or otherwise) and "immediate family" shall mean any parent, child, grandchild, spouse, or sibling. This Strategic Relationship Agreement was executed by the Parties on the Effective Date. By: ▇▇▇▇ ▇▇▇▇▇ Its: Executive Vice President E-Mail Address: ▇▇▇▇.▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇