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Partial Assignment Of Contract
"I need a Partial Assignment of Contract for transferring 50% of my construction project rights to a new developer, while retaining oversight responsibilities; the original contract is valued at PKR 50 million and was signed with the Lahore Development Authority."
1. Parties: Identifies the Assignor (current contract holder), Assignee (party receiving the rights), and the Original Contracting Party
2. Background: Details of the original contract, its date, parties, and general subject matter
3. Definitions: Defines key terms including Original Contract, Assigned Rights, Retained Rights, Effective Date
4. Assignment: Specifically details which rights and obligations are being assigned to the Assignee
5. Retained Rights and Obligations: Clearly specifies which rights and obligations the Assignor retains
6. Consideration: Details of payment or other consideration for the assignment
7. Effective Date: Specifies when the assignment becomes effective
8. Warranties and Representations: Assignor's warranties regarding their right to assign and the status of the original contract
9. Further Assurance: Obligations to execute further documents or take additional steps if needed
10. Governing Law and Jurisdiction: Specifies Pakistani law as governing law and relevant jurisdiction for disputes
1. Consent of Original Contracting Party: Required if the original contract requires consent for assignment or if obtaining consent is preferred for certainty
2. Security and Guarantee Provisions: Include if the Assignor is providing any security or guarantee for the assigned obligations
3. Notices: Include if ongoing communications between parties are anticipated or required
4. Costs and Stamp Duty: Include if there needs to be clarity about who bears the costs of the assignment, including stamp duty
5. Dispute Resolution: Include if parties want to specify alternative dispute resolution mechanisms before court litigation
6. Partial Invalidity: Include if there's risk that some provisions might be found invalid and need to preserve the rest
1. Schedule 1 - Original Contract: Copy or details of the original contract being partially assigned
2. Schedule 2 - Assigned Rights and Obligations: Detailed list and description of specific rights and obligations being assigned
3. Schedule 3 - Retained Rights and Obligations: Detailed list and description of rights and obligations retained by the Assignor
4. Schedule 4 - Consent Letter: Form of or actual consent from the Original Contracting Party (if applicable)
5. Schedule 5 - Assignment Consideration: Details of payment terms, schedule, and method (if complex)
Authors
Construction
Real Estate
Manufacturing
Information Technology
Telecommunications
Energy
Infrastructure
Trading and Distribution
Professional Services
Financial Services
Healthcare
Education
Transportation and Logistics
Legal
Contracts
Commercial
Operations
Procurement
Risk and Compliance
Finance
Business Development
Corporate Secretariat
Project Management Office
Legal Counsel
Contract Manager
Business Development Manager
Project Manager
Commercial Director
Chief Legal Officer
Company Secretary
Operations Manager
Procurement Manager
Risk Manager
Compliance Officer
Chief Financial Officer
Managing Director
General Manager
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