Transfer/Merger Agreements Sample Clauses
A Transfer/Merger Agreements clause outlines the terms and conditions under which a party may transfer its rights or obligations under the contract, or merge with another entity. Typically, this clause specifies whether prior written consent is required for such actions, and may set out exceptions or procedures for notification. Its core function is to ensure that all parties are aware of and agree to significant changes in contractual relationships, thereby preventing unwanted or unapproved transfers or mergers that could affect the performance or enforcement of the agreement.
Transfer/Merger Agreements. When notice is served, a committee composed of equal representation from each institution and each local union representing employees affected by the transfer or merger will be formed to negotiate a transfer/merger agreement. The transfer/merger agreement will address all relevant matters and will be signed by each of the parties. A copy of the agreement will be provided to each affected employee.