TRANSITION TO NEW OWNERSHIP Sample Clauses

The "Transition to New Ownership" clause outlines the procedures and responsibilities involved when control of a business or asset is transferred from the current owner to a new one. Typically, this clause details the steps for transferring operational knowledge, handling existing contracts, and ensuring the continuity of services or obligations during the changeover period. Its core function is to facilitate a smooth and orderly transition, minimizing disruptions and clarifying the duties of both parties to prevent misunderstandings or operational gaps.
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TRANSITION TO NEW OWNERSHIP. The Seller will not take any action that primarily is designed or intended to have the effect of discouraging any lessor, licensor, customer, supplier, or other business associate of either Company from maintaining the same business relationships with such Company after the Closing for a period of twelve (12) months thereafter as it maintained with such Company prior to the Closing.
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