NO ASSIGNMENT; BINDING EFFECT; NO ATTACHMENT Sample Clauses
The "No Assignment; Binding Effect; No Attachment" clause primarily prohibits either party from transferring their rights or obligations under the agreement to another party without prior consent. In practice, this means that neither side can sell, assign, or delegate their interests in the contract, and the agreement remains enforceable only between the original parties and their permitted successors. Additionally, the clause may specify that the contract is not subject to liens or claims by third parties. Its core function is to maintain control over who is bound by and benefits from the contract, preventing unwanted third-party involvement and ensuring the agreement's terms are honored as originally intended.
NO ASSIGNMENT; BINDING EFFECT; NO ATTACHMENT. This Agreement and the obligations undertaken herein shall be binding upon and shall inure to the benefit of any successors or assigns of Employer, and shall be binding upon and inure to the benefit of Executive’s heirs, executors, administrators, and legal representatives. Executive shall not be entitled to assign or delegate any of Executive’s obligations or rights under this Agreement; provided, however, that nothing in this Section 3.6 shall preclude Executive from designating a beneficiary to receive any benefit payable under this Agreement upon Executive’s death. Except as otherwise provided in this Agreement or required by applicable law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge or hypothecation or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect.