Common use of Successor Clause Clause in Contracts

Successor Clause. This Agreement and any supplements or amendments thereto, hereinafter referred to collectively as “agreement”, shall be binding upon the parties hereto, their successors, administrators, executors and assigns. It is the intent of this Agreement that in the event the Employer’s business is, in whole or in part, sold, leased, transferred, or taken over by sale, transfer, lease, assignment, receivership, or bankruptcy proceedings, such business and operation shall continue to be subject to the terms and conditions of this Agreement for the life thereof. It is understood by this provision that the parties hereto shall not use any leasing or other transfer device to a third party to evade this Agreement. The Employer shall give notice of existence of this Agreement and this provision to any purchaser, transferee, lessee, assignee, etc., of the business and operation covered by this Agreement or any part thereof. Such notice shall be in writing with a copy to the Union, at the time the seller, transferor, or lessor executes a contract or transaction, not including financial details.

Successor Clause. This Agreement and any supplements or amendments thereto, hereinafter referred to collectively as “agreement”, shall be binding upon the parties hereto, their successors, administrators, executors and assigns. It is the intent of this Agreement that in the event the Employer’s business is, in whole or in part, sold, leased, transferred, or taken over by sale, transfer, lease, assignment, receivership, or bankruptcy proceedings, such business and operation shall continue to be subject to the terms and conditions of this Agreement for the life thereof. It is understood by this provision that the parties hereto shall not use any leasing or other transfer device to a third party to evade this Agreement. The Employer shall give notice of existence of this Agreement and this provision to any purchaser, transferee, lesseelesee, assignee, etc., of the business and operation covered by this Agreement or any part thereof. Such notice notices shall be in writing with a copy to the Union, at the time the seller, transferor, or lessor executes a contract or transaction, not including financial details.