Illinois
My company is entering into a contract with another company. They are providing me exclusive rights to provide software support to their clients for their product. I in return am providing them all enhancement I make to the software.
There's a good chance the other company is going to be sold soon, or the software will be sold to another company. Is there a clause I can put into the contract that force the contract to survive that sale and be enforced by the new owner?
I had typed this up to put in the contract, but I am not sure it will work:
It is agreed that xxx will take all necessary precautions to ensure protection of this Assignment in the event that xxx sells or otherwise passes ownership of the ---- software to any other entity (the “Third Party”). It is agreed by both parties that this Assignment will survive transfer of ownership of the ---- software to the Third Party.
Thank you!
My company is entering into a contract with another company. They are providing me exclusive rights to provide software support to their clients for their product. I in return am providing them all enhancement I make to the software.
There's a good chance the other company is going to be sold soon, or the software will be sold to another company. Is there a clause I can put into the contract that force the contract to survive that sale and be enforced by the new owner?
I had typed this up to put in the contract, but I am not sure it will work:
It is agreed that xxx will take all necessary precautions to ensure protection of this Assignment in the event that xxx sells or otherwise passes ownership of the ---- software to any other entity (the “Third Party”). It is agreed by both parties that this Assignment will survive transfer of ownership of the ---- software to the Third Party.
Thank you!