HEIRS and ASSIGNS it is Agreed and Understood that All Covenants of This Option Shall Succeed to and Be Form
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People also ask
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What does heirs and assigns mean in a deed?
Heirs are individuals who are legally entitled to inherit from person A if person A dies leaving no valid last will and testament. Assigns are someone to whom a person has signed a document giving or assigning their property to another person.
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What is the heirs and assigns clause?
The successors and assigns clause, sometimes referred to as the inurement (or enurement) clause, states that the agreement is for the benefit of, and can be enforced by, the successors, permitted assigns, and, sometimes, heirs of the parties or other designated third parties.
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What does it mean to bind successors?
Related Definitions BINDING ON SUCCESSORS . This agreement is binding on and will inure to the benefit of the respective heirs, legal representatives, successors, and assigns of the parties; provided, however, that Seller shall not assign this Contract without Buyer's prior written consent.
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What is a binding agreement on successors and assigns?
The successors and assigns clause, sometimes referred to as the inurement (or enurement) clause, states that the agreement is for the benefit of, and can be enforced by, the successors, permitted assigns, and, sometimes, heirs of the parties or other designated third parties.
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What does its successors and/or assigns mean?
1.10 SUCCESSORS AND ASSIGNS. For purposes of this Agreement, "Successors and Assigns" shall mean a corporation or other entity acquiring all or substantially all the assets and business of the Company (including this Agreement) whether by operation of law or otherwise.
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What do successors and assigns mean in a deed?
1.10 SUCCESSORS AND ASSIGNS. For purposes of this Agreement, "Successors and Assigns" shall mean a corporation or other entity acquiring all or substantially all the assets and business of the Company (including this Agreement) whether by operation of law or otherwise.
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What does binding on successors and assigns mean?
This clause states that the contract is binding upon the parties signing it as well as their successors and assigns. It means the contract applies to the original parties and also to any future individuals or entities that take over the parties' responsibilities or ownership.
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What does assigns mean in a legal document?
Assign is the act of transferring rights, property, or other benefits to another party (the assignee) from the party who holds such benefits under contract (the assignor). This concept is used in both contract and property law.
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