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A change of control clause in a contract specifies the implications when one party undergoes a change in ownership or management. This clause is crucial during events like company sales, mergers, or acquisitions. While it may seem dormant in contracts, those experienced in contract drafting approach it with care, understanding the potential for future ownership changes. Ensuring a smooth transition is key, which is why careful wording of such clauses is essential, even though they often appear as standard boilerplate. Change of control clauses prominently arise in situations involving the purchase or sale of a company.
