Break The Code

Key Man Out

If you ink a deal with a gigantic company because of your relationship with one people in it, what are you going to do if he or she leaves? A key-man clause can protect you, giving you the option to walk away from the deal if that person quits or is fired. Change-of-control provisions involving partnerships or corporations are similar. They allow for buyout, termination or dissolution rights if the people you originally dealt with no longer control the entity.

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