Corrective Assignment Clause Samples
A Corrective Assignment clause allows parties to formally transfer or reassign rights, interests, or property that may not have been properly conveyed under the original agreement. In practice, if an error or omission is discovered—such as a missing signature or an incomplete description of the asset—this clause obligates the relevant party to execute additional documents or take necessary actions to correct the issue. Its core function is to ensure that the intended transfer is legally effective and enforceable, thereby preventing disputes or complications arising from technical defects in the original assignment.
Corrective Assignment. Subject to the procedures set forth in Section 2.3(e)(ii), within three (3) Business Days of the final resolution of a Title Defect which decreases the Net Revenue Interest in Units, ▇▇▇▇▇ or Leases acquired by Buyer at Closing that are subject to the Seller Reserved Overriding Royalty Interest, the Parties shall execute and file of record in the applicable county the documentation which amends and corrects the Assignment with respect to the affected Seller Reserved Overriding Royalty Interest.