Assignment Of Contract To Sell Template for Indonesia

The Assignment Of Contract To Sell is a crucial document used in Indonesian business and commercial transactions when the original seller wishes to transfer their rights and obligations under a Contract to Sell to a new party. This document is particularly important in scenarios involving property sales, business asset transfers, or project assignments. It must comply with Indonesian Civil Code requirements and often requires notarization, especially for high-value transactions or real property transfers. The document includes detailed provisions about the transfer of rights, obligations, warranties, and liabilities, and typically requires the consent of the original buyer. It's commonly used in business restructuring, asset disposal, or when companies need to reorganize their contractual obligations.

1. Parties: Identification of the Assignor (original seller), Assignee (new seller), and Obligor (buyer from original contract)

2. Background: Context of the original Contract to Sell and the reason for assignment

3. Definitions: Definitions of key terms used throughout the agreement

4. Assignment and Acceptance: Core provision detailing the transfer of rights and obligations from Assignor to Assignee

5. Consideration: Details of payment or other consideration for the assignment

6. Effective Date: Specification of when the assignment becomes effective

7. Assignor's Representations and Warranties: Assignor's declarations regarding their right to assign, status of the original contract, and other material facts

8. Assignee's Representations and Warranties: Assignee's declarations regarding their capacity and authority to accept the assignment

9. Obligations and Rights: Detailed description of transferred obligations and rights

10. Consent of Obligor: Acknowledgment and consent from the original buyer

11. Governing Law: Specification of Indonesian law as governing law

12. Dispute Resolution: Procedures for handling disputes

13. Notices: Communication procedures between parties

14. Execution: Signature blocks and execution requirements