Binding Upon the Respective Heirs, Executors, Administrators, Successors and Assigns of the Parties Hereto, but Form
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People also ask
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What does binding upon the parties mean?
This Agreement is the entire agreement between the parties and supersedes any prior written or oral discussions or agreements. This Agreement may only be amended upon the written consent by both parties hereto.
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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 meaning of respective 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 heirs, successors, and assigns mean?
In simple terms, this clause extends the terms of the contract beyond just the original signers to any successors they hand over responsibility to and anyone the contract gets assigned to. Both the obligations and rights are binding on future inheriting parties.
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