Subrogation Contract Template for Austria

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Key Requirements PROMPT example:

Subrogation Contract

"I need a Subrogation Contract under Austrian law for our insurance company to take over the rights of our insured client against a third-party manufacturer following a product liability claim settlement of €250,000 scheduled for March 2025."

Document background
A Subrogation Contract is essential in situations where one party steps into the legal position of another party after satisfying a debt or claim on their behalf. This document type is commonly used in Austrian insurance and financial sectors, where it must comply with the Austrian Civil Code (ABGB) and, where applicable, the Insurance Contract Act (VersVG). The contract details the scope of rights being transferred, payment terms, and ongoing obligations of all parties. It's particularly relevant in insurance claim settlements, debt restructuring, and commercial payment arrangements. The Subrogation Contract includes crucial information about the original claim, the subrogation amount, and mechanisms for enforcing the transferred rights, while ensuring compliance with Austrian legal requirements for such transfers.
Suggested Sections

1. Parties: Identification of the Subrogating Party (original creditor) and the Subrogated Party (new creditor)

2. Background: Context of the original debt/claim and the circumstances leading to subrogation

3. Definitions: Definition of key terms including 'Original Claim', 'Debtor', 'Subrogation Amount', and other relevant terms

4. Subject Matter of Subrogation: Clear description of the rights and claims being transferred through subrogation

5. Subrogation Amount: Specification of the exact amount for which subrogation is being granted

6. Terms of Payment: Details of how and when the subrogation amount will be paid

7. Transfer of Rights: Legal mechanism and timing of the transfer of rights from the Subrogating Party to the Subrogated Party

8. Representations and Warranties: Confirmations about the validity of the original claim and authority to transfer

9. Cooperation Obligations: Obligations of the Subrogating Party to assist in enforcement of the transferred rights

10. Governing Law and Jurisdiction: Specification of Austrian law as governing law and designation of competent courts

Optional Sections

1. Partial Subrogation: Required when only part of a claim is being transferred through subrogation

2. Multiple Creditors: Needed when there are multiple parties with rights in the original claim

3. Recourse Rights: Optional section detailing any rights of recourse between the parties

4. Confidentiality: Required in cases where sensitive commercial or personal information is involved

5. Data Protection: Necessary when personal data is being processed as part of the subrogation

6. Insurance Specific Provisions: Required when the subrogation involves insurance claims

7. Notice Requirements: Details specific notification requirements to the debtor or third parties

8. Costs and Expenses: Allocation of costs related to the subrogation process and subsequent enforcement

Suggested Schedules

1. Schedule 1 - Original Claim Details: Detailed description of the original claim including dates, amounts, and relevant documentation

2. Schedule 2 - Supporting Documents: Copies of relevant documents proving the original claim

3. Schedule 3 - Payment Details: Bank account and payment information for the subrogation amount

4. Schedule 4 - Power of Attorney: If required, formal authorization for the Subrogated Party to act

5. Schedule 5 - Relevant Correspondence: Copies of key correspondence related to the claim

6. Appendix A - Calculation of Subrogation Amount: Detailed breakdown of how the subrogation amount was calculated

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

Relevant legal definitions
Clauses
Relevant Industries

Insurance

Banking and Financial Services

Legal Services

Debt Collection

Healthcare

Construction

Manufacturing

Transportation and Logistics

Professional Services

Real Estate

Relevant Teams

Legal

Claims

Risk Management

Insurance Operations

Finance

Compliance

Collections

Contract Administration

Underwriting

Legal Operations

Relevant Roles

Legal Counsel

Claims Manager

Risk Manager

Insurance Underwriter

Compliance Officer

Chief Financial Officer

Collections Manager

Contract Administrator

Insurance Claims Adjuster

Legal Operations Manager

Debt Recovery Specialist

Insurance Operations Director

Corporate Counsel

Finance Manager

Industries
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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