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That phrase is pretty standard and should work but you may also want to get a lawyer to draft the language for you in "plain English" and saying specifically what you want to say. You have to remember that if something twists off and ends up in a lawsuit then you may be presenting your facts to a jury one day and the simpler and more direct you can make them the better.
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Of course, please feel free to ask any follow up questions in this thread. I want to be sure that all of your questions are answered. In addition, once you issue your Positive Rating the question will lock open and no longer time out so you can come back to it anytime in the future if you think of any follow ups.
Yes, essentially so. There can be language in the corporate documents that state the corporation is buying the right to all contracts and is a successor. You do point out a fact that you need to keep in mind. A corporation is a separate legal entity and must be treated that way. This clause could cause problems if there are any lawsuits later...
...I'm still here, I just interrupted the answer to respond.
Please be patient because we are working with more than one person, although not at the same time, plus we need to do a little research occasionally, etc.
I'll be online almost all day and we'll be sure to answer your questions as they come up in the queue.
A I was saying, it could cause problems because you are removing some of its "separateness" by adding that clause.
If you have never created a corporation before be sure that you don't use a kit and hire a lawyer to do it for you. They will explain a lot of issues that can arise and "how to run your corporation like a corporation" so that the corporate shield is maintained intact.
Not exactly. It will cover the change in the company since that clause gives you the right for another entity to take over so long as they are a successor. To be safe you would want to add in that you have the right to assign the contract to another entity as well.
Those two together then would cover all the bases.
It's funny. I was typing out a section explaining assignments when the second part of your question popped up.
That was an important part that most people don't know about or, even if they know, don't catch. Well done!
You're very welcome.
Best wishes to you and please don't forget to leave a Positive Rating so I receive credit for my work. The website doesn't credit me until you issue the positive rating.