Operation of Law means rights or duties that are cast upon a party by the law, without any act or agreement on the part of the individual including, but not limited to, an assignment for the benefit of creditors, a divorce, or a bankruptcy.
Operation of Law. With this exception, the Master Contract continues with the same entity after closing. As an example, the exception applies for changes in ownership as a result of a stock purchase, with no legal change in the party to the Government contract, and when that contracting party remains in control of the assets and is the party performing the contract. Although Government consent is not required, other FAR regulations and GSA supplemental policies require notice of ownership changes to the Government (See the below paragraph within this section). Furthermore, if the party to the Government contract desires to have a new stock owner substituted as a party to the contract, the requirements of a novation would then apply. There are also other circumstances, such as when assignment occurs as part of a bankruptcy restructuring, where outright Assignment of the government contract is effected by order of a court of competent jurisdiction, and authorized by federal law. In such cases, the Assignment does not violate the Anti-Assignment Act and the Novation submission requirements are adjusted to reflect the nature of the transfer. Novation in such cases still acts to formally recognize the successor-in-interest via modification to the contract, and depending on the operation of law, may be effected without the consent or agreement of the original contractor. All open Task Orders from the transferor shall also be assigned to the Master Contract’s transferee and to no other party.
Operation of Law. With this exception, the Master Contract continues with the same entity after closing. As an example, the exception applies for changes in ownership as a result of a stock purchase, with no legal change in the party to the Government contract, and when that contracting party remains in control of the assets and is the party performing the contract. Although Government consent is not required, other FAR regulations and GSA supplemental policies require notice of ownership changes to the Government (See the below paragraph within this section). Furthermore, if the party to the Government contract desires to have a new stock owner substituted as a party to the contract, the requirements of a novation would then apply. There are also other circumstances, such as when assignment occurs as part of a bankruptcy restructuring, where outright Assignment of the government contract is effected by order of a court of competent jurisdiction, and authorized by federal law. In such cases, the Assignment does not violate the Anti-Assignment Act and the Novation submission requirements are adjusted to reflect the
Examples of Operation of Law in a sentence
By Operation of Law, This Agreement is subject to such modifications as may be required by changes in federal or Colorado state law, or their implementing regulations.
By Operation of Law This Contract is subject to such modifications as may be required by changes in Federal or Colorado State law, or their implementing regulations.
Revocation by Operation of Law Should any portion of the Title IX Final Rule, 85 Fed.
Another example of an exception to the Anti-Assignment Act is through (2) Operation of Law, such as when the Contractor’s interest in the contract is transferred as a result of a stock purchase or bankruptcy order.
Modifications by Operation of Law – This Agreement is subject to such modifications as may be required by changes in federal or state law or regulations.
More Definitions of Operation of Law
Operation of Law means a transfer by inheritance, devise or bequest, court order, dissolution decree, order in bankruptcy, insolvency, replevin, foreclosure, execution sale, the execution of a judgment, the foreclosure of a real estate mortgage, the forfeiture of a real estate contract, or a transfer resulting from a decree for specific performance.
Operation of Law means rights or duties that are cast upon a party by the law, without any act or agreement on the part of the individual, including, but not limited to, an assignment for the benefit of creditors, a divorce, or a bankruptcy.
Operation of Law means the manner of acquiring ownership to Class AA Preferred Shares by the application of the established rules of law and shall include without limitation the devolution of shares to the executor or administrator of the estate of a
Operation of Law. OR EXCEPT TO THE EXTENT LEVIED ON THE INCOME NCL DERIVES FROM THOSE SALES.
Operation of Law means a transfer or assignment of interest in a vehicle from one person to another person due to death, divorce, merger, consolidation, dissolution, bankruptcy, inheritance, devise or bequest, court order, dissolution decree, insolvency, seizure or foreclosure;¶
Operation of Law means and includes assignments or other transfers of rights, interests or property by court order, bankruptcy-related transfers, and transfers in connection with corporate mergers, reorganizations and consolidations.
Operation of Law. The Operation of Law means rights or duties that are cast upon a party by the law, without any act or agreement on the part of the individual including but not limited to an assignment for the benefit of creditors, a divorce, or a bankruptcy. d. "PROFITS AND LOSSES" Profits and Losses will mean the net profits or net losses of the Company as calculated for federal income tax purposes and shown on its books of account. Profits and losses will be less of all expenses, depreciation and such other charges or additions as are appropriate. Profits and Losses are fixed by the Venture's fiscal year. MISCELLANEOUS -------------