Nuvectra Corp. (fka NVTRQ)

[hawkmd]

Nuvectra-Aleva agreement. One good reason for the delay...

Today is the deadline for Cirtec Medical and Boston Scientific to decide if the want to buy the contract. Maybe that is the reason for the delay. The remaining asset that was outside the auction( due to the nature of the contract). Let see if get more money...

http://www.kccllc.net/nuvectra/document/1943090200228000000000009

“PLEASE TAKE FURTHER NOTICE that the Debtor seeks to assume and assign the License Agreement with Aleva Neurotherapeutics SA (the “Designated Contract”).
PLEASE TAKE FURTHER NOTICE that any objections to the assumption and assignment of the Designated Contract or whether the Successful Bidder or the Backup Bidder can provide adequate assurance of future performance must be filed by March 2, 2020 at 5:00 p.m.”

Assume and assign definitions:

An assignment and assumption agreement is used after a contract is signed, in order to transfer one of the contracting party's rights and obligations to a third party who was not originally a party to the contract. The party making the assignment is called the assignor, while the third party accepting the assignment is known as the assignee.

In order for an assignment and assumption agreement to be valid, the following criteria need to be met:

The initial contract must provide for the possibility of assignment by one of the initial contracting parties.
The assignor must agree to assign their rights and duties under the contract to the assignee.
The assignee must agree to accept, or "assume," those contractual rights and duties.
The other party to the initial contract must consent to the transfer of rights and obligations to the assignee.
A standard assignment and assumption contract is often a good starting point if you need to enter into an assignment and assumption agreement.

https://www.legalzoom.com/articles/understanding-an-assignment-and-assumption-agreement