This form provides boilerplate contract clauses that outline the permissibility and obligations of any successors or assigns of parties to the contract. Several different language options representing various levels of restriction are included to suit individual needs and circumstances.
Negotiating and Drafting Successors and Assigns Provisions
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FAQ
A typical successors and assigns clause simply states, This agreement is binding upon, and inures to the benefit of, the parties and their respective successors and assigns. The purpose of a successors clause is to bind a business' successors or assigns to the terms of the agreement in the event of a transfer.
Successors and Assigns means any person, Company or other entity which succeeds to purchase, acquire or accept assignments of all or substantially all of the assets or outstanding stock of the Company, whether by agreement or operation of law.
To transfer rights, property, or other benefits to another party (the assignee) from the party who holds such benefits under contract (the assignor). This concept is used in both contract and property law.
The answer is, if one of the parties to the contract is a human being, the term successor is misplaced.Both individuals and legal entities can have assigns. An assign is a third party, not a party to the contract, to whom one of the party transfers any of that party's rights or obligations under the contract.
A successor is a third party that either acquired or merged with one of the parties to the agreement. Assigns are third parties that the agreement has been assigned to as may be allowed under the terms of the agreement.
Binding upon boilerplate states that the contract binds the parties, their successors and assigns, or their legal representatives, or their heirs, executors, and administrators. Successors and Assigns Language.
Replacement. beneficiary. descendant. follower. heritor. inheritor. scion. next in line.
The term successor and predecessor refer to the term succeed and precede respectively. In Mathematics, a successor is a number that comes after the given numbers whereas a predecessor is a number that comes before the given numbers.
: a person who has a job, position, or title after someone else : someone who succeeds another person.