ASSUMPTION OF CONTRACT Clause Samples
The Assumption of Contract clause establishes that a third party agrees to take over the rights and obligations of one of the original parties under an existing contract. In practice, this clause is used when, for example, a business is sold and the buyer needs to assume the seller’s contractual commitments with customers or suppliers. By formalizing the transfer of contractual duties and benefits, the clause ensures continuity of obligations and helps prevent disputes over who is responsible for performance under the contract.
ASSUMPTION OF CONTRACT. As of the Effective Date, Assignee hereby undertakes, accepts, and assumes the assignment of the Contract and assumes all duties and obligations of the Assignor under the Contract and covenants to perform and discharge the same as the Assignee of the Assignor.
ASSUMPTION OF CONTRACT. Residents who wish to cancel their contract and remain enrolled may avoid the 80% penalty by finding a non-contracted, eligible student to assume their contracts. The following conditions apply.
1. The resident must notify the DOR, at the time of cancellation, of his/her intention to find someone to assume the contract.
(a) At the time of cancellation, the resident will be billed the 80% penalty. If within 30 days, the resident has found a non-contracted, eligible student to assume the contract, and that individual takes official possession of keys, the 80% penalty will be removed. If after 30 days a non-contracted eligible student has not been found to assume the contract the resident will forfeit the option of contract assumption.
2. In all cases, the resident canceling his/her contract will forfeit the unused portion of the prepayment. The individual assuming the contract will be required to submit a new prepayment.
3. The resident canceling the contract will be released from the contract as of the date that the assuming individual executes a contract and checks-in to the apartment. At that time the new resident becomes responsible for all of the contract terms.
4. In ▇▇▇▇▇▇▇▇▇▇▇ court, the individual assuming the contract must be the same gender as the remaining residents of the apartment. In SUV shared apartments, the individual assuming the contract must be the same gender as the remaining residents of the apartment, unless the remaining resident signs agreement to accept a specific apartment mate of the opposite gender.
ASSUMPTION OF CONTRACT. Assignee hereby accepts the assignment described in paragraph 1 above and assumes and undertakes to pay, perform and discharge each and every one of the obligations of Assignor under the Contract as if Assignee had originally executed the same.
ASSUMPTION OF CONTRACT. Furthermore, CSFBi, the Vendor and the Company hereby agree upon a transfer of the Sale Option Rights from the Vendor to CSFBi, by way of an assumption of contract (Vertragsübernahme) upon which CSFBi hereby assumes the Vendor’s contractual position under the Option Conditions to the full extent and hereby becomes a party to the Option Conditions in lieu of the Vendor.
ASSUMPTION OF CONTRACT. 1.1 Effective March 15th, 2008 (the "Closing Date") and upon the terms and subject to the conditions of this Agreement, UMS shall assume the contract CCM has with U.S. Silver.
1.2 UMS agrees to pay CCM 75 percent of the profits from the contract for a period of one year (March 15, 2000 through March 15, 2009).
1.3 UMS agrees to make a payment to CCM of $200,000 on or before the Closing Date. The payment will be deducted from the profit percentage.
ASSUMPTION OF CONTRACT. Assignee hereby accepts all of Assignor’s right, title and interest in, to and under the Contract, agrees to be bound by the Contract, and assumes all duties, obligations and liabilities of Assignor accruing under or with respect to the Contract accruing from and after the Effective Date; provided, that as between Manager and Assignee, from and after the Effective Date, Assignee shall be deemed to have assumed, and shall be responsible for, all duties, obligations and liabilities of “Owner” accruing under or with respect to the Contract irrespective of the date on which such duties, obligations and liabilities accrued.
ASSUMPTION OF CONTRACT. The Consultant acknowledges that the Company is, and has been, in active negotiations with its senior secured lenders over a restructuring of the indebtedness owed to such lenders. The Consultant further acknowledges that while as of the date hereof no agreement has been reached between the Company and its senior secured lenders with respect to such a restructuring, it is possible that a restructuring could be implemented by the Company's filing of a reorganization proceeding under the applicable bankruptcy laws. The Company covenants and agrees that if it files for any reorganization proceeding under the applicable bankruptcy laws, then it will seek to assume and honor all of its obligations under this Agreement by filing an appropriate motion with the Bankruptcy Court on the first day of any such bankruptcy filing or as soon as practicable thereafter, subject to the Company's rights to terminate this Agreement as expressly provided herein.