What is change of control in SAP SAP-LEGAL - Global Field Legal?

SAP Term: change of control

• Component: SAP-LEGAL

• Component Name: Global Field Legal

• Description: A transaction or a series of transactions where 50% or more of the entity’s shares or voting rights of a party is acquired by persons or entities other than those who Control such party on the Effective Date of the first Order Form signed under the Agreement, or resulting in the sale of all or substantially all of a party's assets.

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• Key Concepts: 
  Change of control is a term used in SAP-LEGAL Global Field Legal to refer to a situation in which the ownership or control of a company changes. This could be due to a merger, acquisition, or other corporate restructuring. It is important to note that the change of control does not necessarily mean that the company is no longer in existence. 
  
  How to use it: 
  When a change of control occurs, it is important for companies to update their SAP-LEGAL Global Field Legal system accordingly. This includes updating the legal entity information, such as the name and address of the new owner or controller, as well as any other relevant information. Additionally, any existing contracts or agreements should be reviewed and updated if necessary. 
  
  Tips & Tricks: 
  When dealing with a change of control, it is important to ensure that all relevant information is updated in the SAP-LEGAL Global Field Legal system. Additionally, it is important to review any existing contracts or agreements and make sure they are still valid and up-to-date. 
  
  Related Information: 
  For more information on change of control and how it affects SAP-LEGAL Global Field Legal, please refer to the SAP Help Portal or contact your local SAP representative.