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Deed Of Assignment And Assumption

Deed Of Assignment And Assumption Template for Malaysia

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Key Requirements PROMPT example:

Deed Of Assignment And Assumption

"I need a Deed of Assignment and Assumption to transfer all my company's rights and obligations under our software development agreement dated January 15, 2025, to our newly formed subsidiary, including all intellectual property rights and ongoing service obligations."

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Document background
The Deed of Assignment and Assumption is a crucial legal instrument in Malaysian business and property transactions, used when there is a need to transfer rights, obligations, or property interests from one party to another. This document is particularly important in scenarios such as corporate restructuring, asset sales, project financing, or when businesses need to transfer contractual obligations. The deed must be carefully drafted to comply with Malaysian legal requirements, including the Contracts Act 1950 and the National Land Code 1965 where applicable. It typically includes detailed provisions about the assigned rights, warranties, indemnities, and completion requirements. The document's execution as a deed provides additional legal protection and a longer limitation period compared to simple contracts. Special attention must be paid to execution formalities, stamping requirements, and any necessary regulatory approvals or third-party consents.
Suggested Sections

1. Parties: Identifies and defines the Assignor, Assignee, and any other relevant parties to the deed

2. Background: Recitals explaining the context, original agreement/rights being assigned, and purpose of the assignment

3. Definitions and Interpretation: Defines key terms used throughout the deed and sets out interpretation rules

4. Assignment: Core provision detailing what is being assigned and the effective date of assignment

5. Assumption of Obligations: Assignee's formal assumption of the Assignor's obligations and liabilities

6. Consideration: Details of any payment or consideration for the assignment

7. Representations and Warranties: Standard warranties from both parties regarding their capacity and authority

8. Effective Date and Completion: Specifies when the assignment takes effect and any completion requirements

9. Further Assurance: Obligations to execute further documents or take additional steps if needed

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

11. Execution: Formal execution blocks meeting Malaysian deed requirements

Optional Sections

1. Consent Requirements: Required when third-party consent is needed for the assignment to be effective

2. Intellectual Property Rights: Include when the assignment involves transfer of IP rights

3. Confidentiality: Include when sensitive information is involved in the assignment

4. Tax Provisions: Include when there are specific tax implications or allocations

5. Release of Assignor: Optional release of Assignor from future obligations, if agreed

6. Security Provisions: Include when security is being provided for assumed obligations

7. Notice Requirements: Include when specific notice procedures for the assignment are required

8. Partial Assignment: Include when only certain rights/obligations are being assigned rather than all

Suggested Schedules

1. Schedule 1 - Original Agreement: Copy or details of the agreement being assigned

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

3. Schedule 3 - Assets Schedule: Detailed list of any assets involved in the assignment

4. Schedule 4 - Completion Requirements: List of actions required to complete the assignment

5. Schedule 5 - Form of Notice: Template notices to third parties regarding the assignment

6. Schedule 6 - Existing Security Interests: Details of any existing security interests affecting the assigned rights

7. Appendix A - Consent Forms: Forms of consent from relevant third parties if required

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

Banking and Finance

Real Estate

Construction

Manufacturing

Technology

Telecommunications

Energy

Infrastructure

Healthcare

Education

Retail

Professional Services

Mining and Resources

Agriculture

Relevant Teams

Legal

Finance

Corporate Secretarial

Compliance

Risk Management

Commercial Operations

Business Development

Property Management

Project Management

Asset Management

Relevant Roles

Legal Counsel

Corporate Lawyer

Contract Manager

Company Secretary

Chief Legal Officer

Commercial Director

Property Manager

Business Development Manager

Finance Director

Chief Financial Officer

Project Manager

Risk Manager

Compliance Officer

Asset Manager

Transaction Manager

Industries
Contracts Act 1950: The primary legislation governing contract formation, validity, and enforcement in Malaysia. It sets out the basic principles of contract law including offer, acceptance, consideration, and capacity to contract.
National Land Code 1965: Governs all matters related to land ownership, transfer, and registration in Peninsular Malaysia. Relevant for assignments involving real property or land-related rights.
Stamp Act 1949: Mandates the stamping requirements and duty payments for various instruments including deeds and assignments. The deed must be properly stamped to be admissible as evidence in court.
Powers of Attorney Act 1949: Relevant for execution requirements of deeds and the formalities required for valid execution, particularly if any party is executing through an attorney.
Registration of Deeds Act 1783: Provides for the registration requirements of deeds and other instruments affecting interests in property.
Digital Signature Act 1997: Relevant if the deed is to be executed electronically, providing the legal framework for digital signatures and electronic execution.
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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