Revise paragraph in the Change in Control Agreement

Aug 6th, 2022
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How to revise paragraph in the Change in Control Agreement

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hi everyone chris ward here your project management and it service management agitator from itpro tv so glad youre joining us today as we learn about change management as a process [Music] as a project manager in the past and an operations manager as well there was one word that i used to dread and no it wasnt endoplasmic reticulum the word was change and i can see you all shuddering as well out there in it pro tv land change meant risk risk meant threats to the success of my project or at a minimum missing my deadlines shooting past my budget numbers but in reality change is going to happen you can grate your teeth and bear it or you can embrace it and use it to make your it services or projects that much better and as we look at todays it projects in it services we see a much more agile approach to things and in this video were not going to dive into change in the world of agile with spikes scrum etc instead were going to look at the change management process in a more tradition

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Also known as change of control. A provision in an agreement giving a party certain rights (such as consent, payment or termination) in connection with a change in ownership or management of the other party to the agreement. Not all change of control provisions are triggered by the same action.
If there is a change in control in the ownership, control, and/or legal form of the Supplier, which results in more than 50% of the shares in the Supplier being controlled by another party and/or voting control of the Supplier being acquired by another party and/or control of the composition of the board of the
Change of Control means the Company is a party to a transaction in which it is sold to, merged, consolidated, reorganized into or with, or its assets are transferred or sold to another entity, after which the holders of voting securities of the Company immediately prior to such transaction, including voting
Parties normally seek to include provisions in an agreement that allow for either termination or an adjustment of their rights, such as payment, upon a change of structure or ownership of the other party. This is known as a change of control clause.
In the event of a Change of Control of [Party A], [Party B] shall have the right to terminate this Agreement by giving written notice within 30 days of becoming aware of the Change of Control. Such termination shall take effect 30 days from the date of notice.

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