Transition Agreement
/ˈtræn.zɪ.ʃən əˈɡriː.mənt/
Definitions
- (n.) A contract outlining the terms and conditions under which one party agrees to provide transitional services to another party, usually following a business sale or merger.
The buyer and seller signed a transition agreement to ensure uninterrupted IT support during the ownership change.
- (n.) An agreement specifying the responsibilities and duration of assistance provided to facilitate continuity of operations after a transfer of assets or control.
The transition agreement required the former management team to assist with employee training for six months.
Forms
- transition agreement
- transition agreements
Related terms
See also
Commentary
Transition agreements are often customized to address the scope and time frame of post-transaction support and require clear definitions of services and fees to avoid disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.