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Liability Assumption Agreement
"Need a Liability Assumption Agreement for our Singapore subsidiary to take over all existing project liabilities from our parent company, including ongoing construction warranties and employee benefit obligations, effective from March 1, 2025."
1. Parties: Identification of the assuming party and the party transferring liability
2. Background: Context of the liability assumption and related circumstances
3. Definitions: Key terms used throughout the agreement
4. Scope of Assumed Liability: Detailed description of liabilities being assumed
5. Terms of Assumption: Conditions and mechanisms of the liability transfer
6. Duration: Period for which the assumption remains valid
7. Governing Law: Specification of Singapore law as governing law
1. Insurance Requirements: Optional section specifying insurance obligations of the assuming party when specific coverage is required
2. Security Provisions: Optional section detailing additional security or guarantees when additional financial security is needed
3. Step-in Rights: Optional section covering rights to intervene in certain circumstances, typically used in complex commercial arrangements
1. Schedule of Assumed Liabilities: Detailed list of specific liabilities being assumed
2. Schedule of Excluded Liabilities: List of liabilities specifically excluded from assumption
3. Financial Schedule: Financial details and payment terms if applicable
4. Insurance Schedule: Required insurance coverage details
Authors
Assumed Liabilities
Assumption Date
Business Day
Claim
Commencement Date
Consideration
Effective Date
Excluded Liabilities
Force Majeure Event
Governing Law
Indemnified Parties
Liability
Loss
Material Adverse Effect
Notice
Original Obligor
Parties
Related Agreements
Relevant Period
Security Interest
SGD
Singapore
Taxes
Term
Transfer Date
Transferring Party
Underlying Agreement
Assumption of Liability
Scope of Assumed Liabilities
Excluded Liabilities
Consideration
Representations and Warranties
Indemnification
Payment Terms
Conditions Precedent
Duration and Termination
Notification Requirements
Further Assurance
Assignment and Transfer
Confidentiality
Force Majeure
Dispute Resolution
Notices
Severability
Entire Agreement
Amendment and Waiver
Third Party Rights
Counterparts
Costs and Expenses
Insurance Requirements
Governing Law and Jurisdiction
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