Operation of Law means rights or duties that are cast upon a party by the law, without any act or agreement on the part of the individual including, but not limited to, an assignment for the benefit of creditors, a divorce, or a bankruptcy.
Operation of Law. With this exception, the Master Contract continues with the same entity after closing. As an example, the exception applies for changes in ownership as a result of a stock purchase, with no legal change in the party to the Government contract, and when that contracting party remains in control of the assets and is the party performing the contract. Although Government consent is not required, other FAR regulations and GSA supplemental policies require notice of ownership changes to the Government (See the below paragraph within this section). Furthermore, if the party to the Government contract desires to have a new stock owner substituted as a party to the contract, the requirements of a novation would then apply. There are also other circumstances, such as when assignment occurs as part of a bankruptcy restructuring, where outright Assignment of the government contract is effected by order of a court of competent jurisdiction, and authorized by federal law. In such cases, the Assignment does not violate the Anti-Assignment Act and the Novation submission requirements are adjusted to reflect the nature of the transfer. Novation in such cases still acts to formally recognize the successor-in-interest via modification to the contract, and depending on the operation of law, may be effected without the consent or agreement of the original contractor. All open Task Orders from the transferor shall also be assigned to the Master Contract’s transferee and to no other party.
Operation of Law means a transfer by inheritance, devise or bequest, court order, dissolution decree, order in bankruptcy, insolvency, replevin, foreclosure, execution sale, the execution of a judgment, the foreclosure of a real estate mortgage, the forfeiture of a real estate contract, or a transfer resulting from a decree for specific performance.
Examples of Operation of Law in a sentence
Section 3.03 Operation of Law Nothing in this Agreement shall be interpreted or construed in a way that would prevent the City and/or the Department from complying with any duty or obligation placed upon the City and/or Department by operation of law.
WARNING Subject to certain exceptions, you have six (6) months from the date this Notice of Rejection by Operation of Law was personally delivered or deposited in the mail to file a court action on this Claim.
This Notice of Rejection by Operation of Law applies only to claims under state law and shall not extend any time limits as may be imposed upon the claimant(s) for pursuit of the claimant(s)’ rights under federal laws, statutes, other sources of rights of recovery in favor of claimant(s).
More Definitions of Operation of Law
Operation of Law means rights or duties that are cast upon a party by the law, without any act or agreement on the part of the individual, including, but not limited to, an assignment for the benefit of creditors, a divorce, or a bankruptcy.
Operation of Law means the manner of acquiring ownership to Class AA Preferred Shares by the application of the established rules of law and shall include without limitation the devolution of shares to the executor or administrator of the estate of a
Operation of Law. OR EXCEPT TO THE EXTENT LEVIED ON THE INCOME NCL DERIVES FROM THOSE SALES.
Operation of Law means and includes assignments or other transfers of rights, interests or property by court order, bankruptcy-related transfers, and transfers in connection with corporate mergers, reorganizations and consolidations.
Operation of Law means rights or duties that are cast upon a party by the law, without any act or agreement on the part of the individual including, but not limited to, an assignment for the benefit of creditors, a divorce, or a bankruptcy. Dissolution 35. in satisfaction of Partnership debt obligations to current Partners; and then c. Not more than one (1) audit will be required by any or all of the Partners for any fiscal year. 29. A Partner will not be entitled to indemnification under this section for liability arising out of gross negligence or wilful misconduct of the Partner or the breach by the Partner of any provisions of this Agreement. Meetings 22. Statements or representations which may have been made by any party to this Agreement in the negotiation stages of this Agreement may in some way be inconsistent with this final written Agreement. Only the written terms of this Agreement will bind the parties. Such debts may have preference or priority over any other payments to Partners as may be determined by a majority of the Partners. 51. The fiscal year will end on the day of of each year. d. Involuntary Withdrawal of a Partner 30. 68. Any violation of the above Forbidden Acts will be deemed an Involuntary Withdrawal of the offending Partner and may be treated accordingly by the remaining Partners. Definitions 61. Partners may exit the partnership: by voluntarily retiring by involuntary retiring. 53. Partners can be individuals, companies and limited liability partnerships (LLP). 10. Any advance of money to the Partnership by any Partner in excess of the amounts provided for in this Agreement or subsequently agreed to as Additional Capital Contribution will be deemed a debt owed by the Partnership and not an increase in Capital Contribution of the Partner. No Partner may permit, intentionally or unintentionally, the assignment of express, implied or apparent authority to a third party that is not a Partner in the Partnership. 38. The intent of this section is to ensure the survival of the Partnership despite the withdrawal of any individual Partner. Any share of loss, withdrawals by the partner or tax payments will be debited from this account. any additional information that the Partners may require. Any notices or delivery required here will be deemed completed when hand-delivered, delivered by agent, or seven (7) days after being placed in the post, postage prepaid, to the parties at the addresses contained in this Agreement or as the parties may later designa...
Operation of Law means a transfer by
Operation of Law. The Operation of Law means rights or duties that are cast upon a party by the law, without any act or agreement on the part of the individual including but not limited to an assignment for the benefit of creditors, a divorce, or a bankruptcy. d. "PROFITS AND LOSSES" Profits and Losses will mean the net profits or net losses of the Company as calculated for federal income tax purposes and shown on its books of account. Profits and losses will be less of all expenses, depreciation and such other charges or additions as are appropriate. Profits and Losses are fixed by the Venture's fiscal year. MISCELLANEOUS -------------