Common use of Sale or Assignment of Business Clause in Contracts

Sale or Assignment of Business. 1. This Agreement, and any supplements or amendments thereto, hereinafter referred to collectively as "Agreement," shall be binding upon the parties hereto, their successors, administrators, executors, and assigns. 2. The Employer agrees that in the event the Employer's business, in whole or in part, is sold, leased, transferred or taken over by sale, transfer, lease, assignment, receivership or bankruptcy proceeding, such transferee business and operation shall expressly and in writing assume the terms and conditions of this Agreement for the life thereof. 3. It is understood by this provision that the parties hereto shall not use any leasing or other transfer device to a third party to evade this Agreement. It is further understood that the Employer will only transfer, assign, lease, etc., the business if the transferee agrees to accept and assume, in writing, the Agreement. The Employer shall give notice of the existence of this Agreement and this provision to any purchaser, transferee, lessee, assignee, etc., of the business and operation covered by this Agreement or any part thereof. Such notice shall be in writing with a copy to the Union, at the time the seller, transferor, or xxxxxx, executes a contract or transaction as herein described. The Union shall also be advised of the exact nature of the transaction, not including financial details.

Sale or Assignment of Business. 1. This Agreement, and any supplements or amendments thereto, hereinafter referred to collectively as "Agreement“Agree- ment," ” shall be binding upon the parties hereto, their successors, administrators, executors, and assigns. 2. The Employer agrees that in the event the Employer's ’s business, in whole or in part, is sold, leased, transferred or taken over by sale, transfer, lease, assignment, receivership receiver- ship or bankruptcy proceeding, such transferee business and operation shall expressly and in writing assume the terms and conditions of this Agreement for the life thereof. 3. It is understood by this provision that the parties hereto here- to shall not use any leasing or other transfer device to a third party to evade this Agreement. It is further understood under- stood that the Employer will only transfer, assign, lease, etc., the business if the transferee agrees to accept and assume, in writing, the Agreement. The Employer shall give notice of the existence of this Agreement and this provision to any purchaser, transferee, lessee, assignee, etc., of the business and operation covered by this Agreement Agree- ment or any part thereof. Such notice shall be in writing with a copy to the Union, at the time the seller, transferor, or xxxxxx, executes a contract or transaction as herein describedde- scribed. The Union shall also be advised of the exact nature of the transaction, not including financial details.