Delegation; Assignment and Sub-Contracting Clause Samples
The 'Delegation; Assignment and Sub-Contracting' clause governs whether and how a party to a contract may transfer its rights or obligations to another party or engage third parties to perform contractual duties. Typically, this clause specifies if prior written consent is required before assigning the contract, delegating responsibilities, or subcontracting work, and may outline any exceptions or conditions for such transfers. Its core function is to maintain control over who is responsible for performing under the contract, thereby protecting the interests of the original parties and ensuring that contractual obligations are fulfilled as intended.
Delegation; Assignment and Sub-Contracting. PFPC may assign its rights and delegate its duties hereunder to any majority-owned direct or indirect subsidiary of PFPC or of The PNC Financial Services Group, Inc., provided that PFPC gives the GE Fund Products thirty (30) days’ prior written notice of such assignment or delegation. PFPC may in its sole discretion sub-contract for the performance of less than substantially all certain services hereunder; provided however, PFPC shall remain responsible for the performance of any sub-contractor to the same extent PFPC would have been responsible had PFPC provided the service directly.
Delegation; Assignment and Sub-Contracting. (a) PFPC may assign its rights and delegate its duties hereunder to any majority-owned direct or indirect subsidiary of PFPC or of The PNC Financial Services Group, Inc., provided that PFPC gives the Fund thirty (30) days prior written notice of such assignment or delegation.
(b) PFPC may engage the services of sub-contractors to perform certain services to be provided by PFPC hereunder, provided however, it is agreed that prior to engaging any sub-contractor to perform any of the core transfer agent functions or other material Service described herein, PFPC will seek prior approval from the Fund which approval will not be unreasonably withheld or delayed. The services that PFPC currently intends to subcontract, and the names of the intended sub-contractors are set forth in Exhibit C hereto.