Assignment by Law Sample Clauses
The "Assignment by Law" clause defines the circumstances under which rights or obligations under an agreement may be transferred automatically due to legal requirements, rather than by the parties' voluntary action. For example, this clause may apply in cases of bankruptcy, merger, or acquisition, where a party's contractual rights or duties are assigned to another entity by operation of law. Its core function is to clarify when and how such automatic assignments are permitted or restricted, thereby providing certainty and managing the risk of unintended transfers between parties.
Assignment by Law. The sale, assignment, transfer or other disposition of any of the issued and outstanding capital stock of Contractor or of any general partner or joint venturer or syndicate member of Contractor, if the Contractor is a partnership or joint venture or syndicate or co-tenancy shall result in changing the control of Contractor, shall be construed as an assignment of this Construction Contract. Control means more than fifty percent (50%) of the voting power of the corporation or other entity.