A relaxed assignment clause facilitating the purchaser would be as follows: Assignment.
No Party may assign or transfer any of its rights or obligations under this Agreement without the prior written approval of the other Party, except that: (a) each Party may assign any of its rights under this Agreement to its Affiliates; and (b) Purchaser may assign any of its rights under this Agreement to any of its lenders or to any person acquiring all or substantially all of the rights or assets of Target after the Completion Date, provided, however, that no such assignment shall relieve an assigning Party of its obligations under this Agreement.
In other cases, the parties want to be free to assign the agreement (i.e.
the rights and related obligations) as part of a sale of the entire business to which such agreement relates.
Neither party may delegate any performance under this agreement, except with the prior written consent of the other party.
Any purported assignment of rights or delegation of performance in violation of this section is void.
This would be the typical example for the applicability of .
However, contracting parties may seek more certainty.
Many contracts will provide for a prohibition to assign the rights and obligations under the agreement.
Normally, each party should be able to negotiate that the approval of the other party to an assignment will not be unreasonably withheld or delayed: Assignment.