Assignment Of Contract Of Sale Template for Malaysia

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Key Requirements PROMPT example:

Assignment Of Contract Of Sale

"I need an Assignment of Contract of Sale to transfer my rights as purchaser of a commercial property in Kuala Lumpur to my company, with completion scheduled for March 15, 2025; the original purchase price was RM 2.5 million and the assignment consideration will be RM 3 million."

Document background
An Assignment Of Contract Of Sale is a crucial legal instrument in Malaysian business practice that enables the transfer of contractual rights and obligations from one party to another. This document type is particularly relevant when a party to a sale contract needs to transfer their position to a third party, whether due to business restructuring, asset disposal, or strategic considerations. The assignment must comply with Malaysian law, particularly the Contracts Act 1950 and related legislation, and requires careful consideration of the original contract terms, any consent requirements, and proper documentation of the transfer. The document typically includes details of the original contract, the rights being assigned, consideration for the assignment, and necessary warranties and covenants to protect all parties' interests. It's commonly used in various commercial contexts, from property transactions to business asset sales, and must be properly stamped under the Stamp Act 1949 to be legally enforceable in Malaysia.
Suggested Sections

1. Parties: Identifies and defines the Assignor (original contracting party), Assignee (party receiving the rights), and the Original Vendor/Purchaser (other party to the original contract)

2. Background: Recitals explaining the original contract of sale, the intention to assign, and any relevant circumstances leading to the assignment

3. Definitions and Interpretation: Defines key terms used in the agreement and sets out interpretation rules

4. Assignment: Core clause detailing the assignment of rights, benefits, and obligations under the original contract

5. Consideration: Specifies the payment or other consideration for the assignment

6. Effective Date: Establishes when the assignment takes effect

7. Assignor's Warranties: Warranties regarding the original contract, authority to assign, and absence of prior assignments

8. Assignee's Covenants: Assignee's undertakings to perform the original contract obligations and indemnify the assignor

9. Original Contract: Confirmation that original contract terms remain unchanged except for the assignment

10. Costs and Stamp Duty: Allocation of legal costs and stamp duty responsibilities

11. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and jurisdiction for disputes

12. Execution: Signature blocks and execution formalities

Optional Sections

1. Consent of Original Party: Required when the original contract requires consent for assignment or to confirm the other party's acknowledgment

2. Security Deposits: Needed when there are existing security deposits to be transferred or dealt with

3. Outstanding Payments: Used when there are pending payments or adjustments from the original contract

4. Conditions Precedent: Include when assignment is subject to fulfillment of certain conditions

5. Further Assurance: Optional clause requiring parties to execute additional documents if needed

6. Notices: Include when ongoing notices may be required between parties

7. Partial Assignment: Required when only certain rights or obligations are being assigned rather than the entire contract

Suggested Schedules

1. Schedule 1 - Original Contract: Copy of the original contract of sale being assigned

2. Schedule 2 - Property Details: If the contract involves property, detailed description of the property

3. Schedule 3 - Outstanding Obligations: List of any remaining obligations under the original contract

4. Schedule 4 - Payment Schedule: Details of assignment consideration payment terms if not paid in full

5. Appendix A - Consent Letter: Written consent from the original contract party (if applicable)

6. Appendix B - Supporting Documents: Relevant certificates, permits, or other documents referenced in the assignment

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

Relevant Industries

Real Estate

Construction

Manufacturing

Retail

Agriculture

Mining

Technology

Energy

Infrastructure

Commercial Property

Relevant Teams

Legal

Procurement

Commercial

Operations

Real Estate

Business Development

Compliance

Corporate Secretariat

Risk Management

Property Management

Relevant Roles

Legal Counsel

Contract Manager

Business Development Manager

Property Manager

Commercial Director

Procurement Manager

Company Secretary

Real Estate Manager

Operations Director

Chief Legal Officer

Transaction Manager

Asset Manager

Industries
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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