Successors and Assigns clause is a contractual clause that extends the agreement’s rights, obligations, and benefits to successors (e.g., heirs, legal representatives, or entities taking over through merger or reorganization) and assigns (e.g., parties to whom rights or obligations are transferred or assigned under the agreement) of the original parties. It ensures continuity and enforceability during changes in ownership, structure, or designation, allowing the contract to adapt while preserving its integrity.
Drafting Tip
Specify that the contract's rights and obligations bind successors and permitted assigns, ensuring continuity of obligations under the contract.
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