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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."
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
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
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
Assignee
Assignor
Assignment Date
Completion Date
Consideration
Contract of Sale
Effective Date
Encumbrance
Execution Date
Governing Law
Identity Card
Legal Requirements
Notice
Original Contract
Original Purchaser
Original Vendor
Party
Permitted Assigns
Property
Purchase Price
Ringgit Malaysia
Sale Property
Schedule
Stamp Duty
Transfer
Working Day
Assignment
Consideration
Conditions Precedent
Representations and Warranties
Covenants
Indemnification
Completion
Payment Terms
Transfer of Rights
Transfer of Obligations
Consent
Further Assurance
Notices
Costs and Expenses
Stamp Duty
Severability
Entire Agreement
Amendment
Waiver
Assignment and Transfer
Confidentiality
Force Majeure
Governing Law
Dispute Resolution
Execution
Real Estate
Construction
Manufacturing
Retail
Agriculture
Mining
Technology
Energy
Infrastructure
Commercial Property
Legal
Procurement
Commercial
Operations
Real Estate
Business Development
Compliance
Corporate Secretariat
Risk Management
Property Management
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
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