NOTIFICATION OF FOREIGN OWNERSHIP OR FOREIGN PLACE OF PERFORMANCE Clause Samples
The "Notification of Foreign Ownership or Foreign Place of Performance" clause requires a party to inform the other party if any part of the contract will involve foreign ownership, control, or influence, or if contract work will be performed outside the country. In practice, this means the contractor must disclose if a foreign entity has a significant stake in their company or if they plan to use facilities or personnel located abroad to fulfill contract obligations. This clause ensures transparency and allows the contracting party to assess and manage potential security, legal, or regulatory risks associated with foreign involvement.
NOTIFICATION OF FOREIGN OWNERSHIP OR FOREIGN PLACE OF PERFORMANCE. (Also refer to clause 50.b entitled “Committee on Foreign Investment in the U.S. (CFIUS)”.) Seller shall provide Buyer written notice within ten (10) working days of the effective date of the change or of becoming aware of the prospective change, whichever is earlier when:
NOTIFICATION OF FOREIGN OWNERSHIP OR FOREIGN PLACE OF PERFORMANCE. (Also refer to clause 50.b entitled “Committee on Foreign Investment in the U.S. (CFIUS)”.) Seller shall provide Buyer written notice within ten (10) working days of the effective date of the change or of becoming aware of the prospective change, whichever is earlier when:
(i) a foreign interest acquires the power, direct or indirect, whether or not exercised, and whether or not exercisable through the ownership of Seller's securities, by contractual arrangements or other means, to direct or decide matters affecting the management or operations of Seller; or
(ii) Seller relocates the place of performance, in whole or in part, outside the United States. Seller shall also provide Buyer with written notice as described above in the event that Seller becomes aware that it is to be merged with or acquired by a foreign entity or interest, regardless of whether or not it is to be a company organized to do business under the laws of the United States. Notification shall also be required if the Seller is a foreign entity or interest that is to be merged with or acquired by another foreign entity.
NOTIFICATION OF FOREIGN OWNERSHIP OR FOREIGN PLACE OF PERFORMANCE a. SELLER shall notify BUYER in writing within ten (10) business days of the effective date of the change, or of becoming aware of the prospective change, whichever is earlier when:
i. a foreign interest directly or indirectly acquires the authority, whether or not exercised, and whether or not exercisable through the ownership of SELLER's securities, to direct or decide matters affecting the management or operations of SELLER; or
ii. SELLER relocates the place of performance, in whole or in part, outside the United States.
b. SELLER shall provide BUYER with written notice as described above in the event that SELLER becomes aware that it is to be merged with or acquired by a foreign entity or interest, regardless of whether or not it is to be a company organized to do business under the laws of the United States.
c. Notification shall be required if the SELLER is a foreign entity or interest that is to be merged with or acquired by another foreign entity.
d. The SELLER shall comply with any and all requirements, and obtain any and all necessary approvals which may be imposed or required by Committee on Foreign Investment in the United States (CFIUS).