An Assumption Agreement is commonly used when one party wishes to transfer its contractual obligations to another party while keeping the original contract intact. This document is particularly relevant in situations involving business acquisitions, property transfers, or debt restructuring. The agreement must comply with U.S. federal and state laws, including the Uniform Commercial Code where applicable. It typically includes detailed information about the original agreement, the parties involved, the specific obligations being assumed, and any conditions or limitations on the assumption. The document may require third-party consent, particularly in cases involving financial obligations or regulated industries.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Ƶ's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Parties: Identification of all parties involved: original obligor, assuming party, and obligee
2. Background/Recitals: Context of the original agreement and reason for assumption
3. Definitions: Key terms used throughout the agreement including defined terms from original agreement
4. Assumption of Obligations: Core provision detailing the obligations being assumed and effective date of assumption
5. Consideration: Statement of consideration for the assumption
6. Representations and Warranties: Basic representations about authority, capacity, and validity of assumed obligations
7. Governing Law: Applicable law and jurisdiction for the agreement
8. Execution: Signature blocks and dating provisions for all parties
1. Release of Original Obligor: Provisions releasing the original obligor from their obligations when intended as a novation
2. Consent of Obligee: Explicit consent provisions from the obligee to the assumption of obligations
3. Security Provisions: Additional security arrangements required from the assuming party
4. Notice Requirements: Specific requirements for providing notice to relevant parties
1. Schedule A - Original Agreement: Copy of the original agreement being assumed
2. Schedule B - Assumed Obligations: Detailed list of specific obligations being assumed, including any payment schedules or performance requirements
3. Schedule C - Consent Documents: Copies of any required third-party consents or approvals
4. Schedule D - Security Documentation: Details of any security arrangements or collateral being provided by the assuming party
Relevant legal definitions
Clauses
Relevant Industries
Relevant Teams
Relevant Roles
Find the exact document you need
Agreement Letter Between Company And Employee
A U.S.-compliant formal agreement establishing employment terms and conditions between an employer and employee.
Download
Contract Letter Between Two Parties
A legally binding agreement in letter format that establishes contractual relationships between two parties under U.S. law.
Download
Agreement For Work To Be Performed
A U.S. legal contract defining terms and conditions for specific work or services to be provided, including scope, payment, and deliverables.
Download
Enforceable Contract
U.S.-compliant enforceable contract template incorporating all essential elements required under federal and state law.
Download
White Label Software License
A U.S.-governed agreement allowing companies to license and rebrand software products under their own name.
Download
Electronic Confidentiality Agreement
A U.S.-compliant agreement protecting confidential information shared electronically between parties, incorporating federal electronic signature and trade secret laws.
Download
Basic Contract
A standard U.S.-compliant contract template establishing fundamental terms and conditions between parties, suitable for various business relationships.
Download
Prenuptial Agreement
A U.S. legally binding contract executed before marriage that establishes property and financial rights of spouses in case of divorce or death.
Download
Agreement Letter Between Two People
A legally binding agreement letter used in the U.S. to document mutual understanding and obligations between two individuals, following American contract law principles.
Download
Home Contract Agreement
A legally binding agreement under U.S. federal and state laws that documents the terms and conditions for the purchase and sale of residential property.
Download
Statement Of Agreement
A U.S.-compliant formal document that outlines agreed terms between parties, serving as a legally binding agreement while being more streamlined than a full contract.
Download
Agreement Between Principal Employer And Contractor
A U.S.-governed contract defining the relationship and terms between a principal employer and independent contractor.
Download
Business Percentage Agreement
A U.S.-governed agreement establishing percentage-based revenue or profit sharing terms between business parties.
Download
Rent In Exchange For Services Agreement
A U.S. legal agreement establishing terms for rent-free accommodation in exchange for specified services provided to the property owner.
Download
Catering Contract
A U.S.-governed agreement between caterers and clients for professional food service provision, covering service terms, pricing, and regulatory compliance.
Download
White Label Software License Agreement
A US-governed agreement allowing companies to license and rebrand software products under their own brand name.
Download
Business Cooperation Agreement
A US law-governed agreement establishing terms and conditions for business collaboration between multiple parties, defining rights, obligations, and operational framework.
Download
Terms Of Business Agreement
A US law-governed agreement establishing core terms and conditions for business-to-business service provision.
Download
Online Lease Agreement
A U.S.-compliant digital rental contract establishing terms between landlord and tenant for residential property use.
Download
Business Contract
A U.S.-governed Business Contract establishing terms and conditions for commercial relationships between business entities.
Download
Yearly Contract Agreement
A US-governed agreement establishing terms and conditions for a twelve-month contractual relationship between parties.
Download
Working Partner Agreement
A U.S. legal agreement defining the terms and conditions of a working partner's involvement in a business, including ownership rights and operational responsibilities.
Download
Work For Hire Contract
A U.S.-governed agreement establishing ownership rights of commissioned work under the work-for-hire doctrine.
Download
Work For Hire Agreement
A U.S.-governed agreement establishing ownership rights and terms for work created by a contractor for a hiring party, under copyright law.
Download
Work Contract Agreement
A legally binding employment agreement that establishes work terms and conditions between employer and employee, compliant with U.S. federal and state employment laws.
Download
Work Contract
A legally binding employment agreement that establishes terms and conditions of employment under U.S. federal and state laws.
Download
Work Agreement
A U.S.-compliant agreement establishing employment terms between employer and employee.
Download
Wholesaling Houses Contracts
A U.S. legal agreement enabling the transfer of property purchase rights from a wholesaler to an end buyer, subject to federal and state real estate regulations.
Download
White Label Agreement
A U.S.-governed agreement enabling one company to rebrand and sell another company's products or services under their own brand name.
Download
Website Development Agreement
A U.S.-compliant legal agreement between a website developer and client establishing terms for website development services, including scope, timeline, and deliverables.
Download
Website Design Contract
A U.S.-compliant legal agreement between a website designer and client defining the terms of website design services and deliverables.
Download
Website Contract
A U.S.-governed legal agreement between website developers and clients defining website development terms and obligations.
Download
Web Development Contract
A U.S.-governed legal agreement between a web developer and client specifying terms for website development services, including scope, deliverables, and rights.
Download
Web Design Contract
A U.S.-governed legal agreement between a web designer and client specifying terms, deliverables, and rights for website development services.
Download
Volunteer Contract
A legally binding agreement under U.S. law that establishes terms and conditions between a volunteer and an organization for unpaid service provision.
Download
Voluntary Service Agreement
A U.S.-governed agreement defining terms and conditions for volunteer services, protecting both the volunteer and the organization.
Download
Virtual Assistant Contract
A U.S.-compliant legal agreement establishing the terms and conditions between a client and a virtual assistant, governing remote work arrangements and protecting both parties' interests.
Download
Venue Rental Agreement
A U.S.-compliant legal agreement governing the temporary rental of a venue or facility, establishing terms, conditions, and responsibilities between the venue owner and renter.
Download
Vendor Services Agreement
A U.S.-governed contract defining the terms and conditions for services provided by a vendor to a client.
Download
Vendor Contract
A legally binding agreement under U.S. law that governs the relationship between a vendor and purchaser, establishing terms for goods or services provision.
Download
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)