Class Closure Clause Samples
A Class Closure clause defines the point at which a class of participants, such as beneficiaries or shareholders, is considered finalized and no new members can be added. In practice, this clause specifies the date or event that marks the closure, such as the distribution of assets or the occurrence of a triggering event, and ensures that only those identified by that time are included in the class. Its core function is to provide certainty and prevent disputes by clearly establishing who is entitled to rights or benefits under the agreement.
Class Closure. The ▇▇▇ 2 class of drugs includes two drugs: Vioxx and Celebrex which most doctors consider equally effective. The NBF will cover only Vioxx. Again, if a member fills a prescription with Celebrex, the pharmacy will contact the doctor to change the prescription to Vioxx. If the member chooses Celebrex, the member is responsible for the full cost of the prescription.