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Change of Control Clauses
Provisions in contracts that are triggered when there is a change in the ownership of a company, often requiring renegotiation or termination of the contract.
Implications
Provisions in contracts that trigger specific actions or rights when there is a change in the ownership or control of a company, protecting parties from risks associated with mergers, acquisitions, or takeovers.
Example
Example: A supplier contract includes a change of control clause that allows the supplier to renegotiate terms or terminate the agreement if the client company is acquired by a competitor.
Related Terms
Different from termination clauses, which allow ending a contract under certain conditions, change of control clauses specifically address ownership changes.
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