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Assignment Assumption Agreement

Assignment Assumption Agreement Template for Ireland

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Key Requirements PROMPT example:

Assignment Assumption Agreement

"I need an Assignment Assumption Agreement under Irish law to transfer all rights and obligations under our software licensing agreements from our current operating company to our new subsidiary, with the transfer to take effect from March 1, 2025."

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Document background
The Assignment Assumption Agreement is a crucial document used in Irish business transactions when one party needs to transfer its contractual rights and obligations to another entity. This typically occurs during corporate restructurings, mergers and acquisitions, or business transfers. The agreement must comply with Irish contract law principles and often requires careful consideration of stamp duty implications and regulatory requirements. It includes comprehensive details about the original contract being assigned, the rights and obligations being transferred, and any conditions or limitations on the assignment. The document ensures a smooth transition of contractual responsibilities while protecting all parties' interests and maintaining legal certainty under Irish law.
Suggested Sections

1. Parties: Identifies and defines the Assignor, Assignee, and any other relevant parties including the Original Contract counterparty

2. Background: Recitals explaining the context of the original agreement and the purpose of the assignment

3. Definitions and Interpretation: Defines key terms and establishes interpretation rules for the agreement

4. Assignment: Details the rights, obligations, and interests being assigned from Assignor to Assignee

5. Assumption of Obligations: Specifies the obligations being assumed by the Assignee

6. Consideration: States the consideration being paid for the assignment

7. Effective Date: Specifies when the assignment takes effect

8. Representations and Warranties: Standard representations from both Assignor and Assignee

9. Counterparty Consent: Acknowledgment and consent from the Original Contract counterparty

10. Further Assurance: Obligation to execute additional documents if needed

11. Governing Law and Jurisdiction: Specifies Irish law as governing law and Irish courts' jurisdiction

Optional Sections

1. Security Interests: Required if there are any security interests affecting the assigned rights

2. Regulatory Compliance: Required if the assignment is subject to specific regulatory requirements

3. Data Protection: Required if personal data is being transferred as part of the assignment

4. Tax Provisions: Required if there are specific tax implications to be addressed

5. Intellectual Property: Required if IP rights are being assigned

6. Third Party Rights: Required if third party rights need to be addressed

7. Costs and Expenses: Optional section detailing how costs of the assignment are to be borne

8. Notices: Required if ongoing notices will be needed between parties

Suggested Schedules

1. Original Agreement: Copy of the agreement being assigned

2. Assigned Rights and Obligations: Detailed list of specific rights and obligations being transferred

3. Form of Notice to Third Parties: Template for notifying relevant third parties of the assignment

4. Consent Requirements: List of required consents and their status

5. Outstanding Obligations: Schedule of any outstanding obligations under the Original Agreement

6. Related Security Interests: Details of any security interests affecting the assigned rights

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Real Estate

Technology

Manufacturing

Healthcare

Construction

Energy

Telecommunications

Professional Services

Retail

Insurance

Banking

Relevant Teams

Legal

Compliance

Corporate Affairs

Commercial

Operations

Finance

Risk Management

Business Development

Contract Administration

Company Secretariat

Relevant Roles

Legal Counsel

Contract Manager

Corporate Lawyer

Compliance Officer

Business Development Manager

Chief Legal Officer

Commercial Director

Risk Manager

Company Secretary

Operations Manager

Project Manager

Finance Director

Industries
Succession Act 1965: Governs the transfer of rights and obligations in Ireland, particularly relevant for assignment of contractual rights
Stamp Duties Consolidation Act 1999: Determines whether stamp duty is payable on the assignment agreement and the applicable rates
Civil Law (Miscellaneous Provisions) Act 2011: Contains various provisions affecting contract law and assignments in Ireland
European Union (Consumer Protection Cooperation) Regulations 2020: Relevant if any party to the assignment is a consumer, ensuring consumer rights are protected
General Data Protection Regulation (GDPR) and Data Protection Act 2018: Applicable if the assignment involves transfer of personal data between parties
Registration of Title Act 1964: Relevant if the assignment involves any rights or interests in land
Companies Act 2014: Governs corporate aspects of assignments, particularly relevant if any party is a company
Statute of Frauds 1695: Requires certain contracts to be in writing and signed, which applies to many assignments
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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