What do step-in rights allow a purchaser to do?

Step-in rights are provisions in a contract that give a purchaser or a project owner the ability to step into the contractor's position under specific circumstances, generally to fulfill obligations or complete a project. This is particularly useful when the contractor fails to perform satisfactorily or faces financial difficulties that might impede their ability to fulfill the contract.

By allowing the purchaser to undertake some of the contractor's obligations, step-in rights help ensure continuity and protection of the project's overall interests, enabling them to safeguard their investment and maintain project timelines. This mechanism is crucial in managing risks associated with contractor performance and ensuring that any disruptions can be quickly addressed.

The other options do not accurately reflect the purpose of step-in rights. For example, stepping into the project management role involves different responsibilities that may not be encapsulated simply by taking on some obligations. Transferring ownership of the contract is a different legal action that doesn’t typically relate to step-in rights, and modifying contract terms without contractor approval goes against the spirit of contractual agreements and usually requires the consent of both parties. Thus, the most fitting description of step-in rights is their ability to allow a purchaser to undertake some of the contractor's obligations when necessary.