Assignment Of Option Agreement for Ireland

Assignment Of Option Agreement Template for Ireland

A legal document governed by Irish law that facilitates the transfer of rights and obligations under an existing option agreement from the current option holder (assignor) to a new party (assignee). The document outlines the terms and conditions of the assignment, including any consideration paid, warranties given, and conditions to be met. It ensures compliance with Irish contract law and property law requirements, particularly the Land and Conveyancing Law Reform Act 2009, and includes necessary provisions for the effective transfer of option rights while maintaining the original option's terms and conditions.

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What is a Assignment Of Option Agreement?

The Assignment Of Option Agreement is a crucial document used in Irish business and property transactions when an existing option holder wishes to transfer their option rights to another party. This document is particularly relevant in scenarios involving property development, corporate restructuring, or investment transactions where option rights need to be transferred while maintaining the original option's validity. The agreement must comply with Irish law requirements, including the Land and Conveyancing Law Reform Act 2009 and relevant stamp duty regulations. It typically includes detailed provisions about the original option, the terms of transfer, warranties, and any conditions that must be satisfied for the assignment to take effect. This document is essential for maintaining clear chains of title and ensuring proper documentation of option transfers in commercial transactions.

What sections should be included in a Assignment Of Option Agreement?

1. Parties: Identifies the assignor (current option holder), assignee (new option holder), and the original option grantor

2. Background: Details of the original option agreement, its key terms, and the context for the assignment

3. Definitions: Defines key terms including 'Option Agreement', 'Option', 'Assignment Date', and other relevant terms

4. Assignment: Core clause transferring all rights, title and interest in the Option from assignor to assignee

5. Consideration: States the payment or other consideration for the assignment

6. Assignor's Warranties: Standard warranties about ownership of the option rights and capacity to assign

7. Further Assurance: Obligation to execute further documents and take actions necessary to perfect the assignment

8. Notices: Provisions for how notices under the assigned option agreement should be given post-assignment

9. Governing Law and Jurisdiction: Confirms Irish law as governing law and Irish courts' jurisdiction

10. Execution: Formal execution block for all parties

What sections are optional to include in a Assignment Of Option Agreement?

1. Option Grantor Consent: Required if the original option agreement requires the grantor's consent to assignment

2. Conditions Precedent: Include if the assignment is conditional upon certain events or approvals

3. Additional Warranties: Enhanced warranties section if specific assurances about the option or underlying asset are required

4. Costs: Include if there's a specific agreement about who bears the costs of the assignment

5. Retained Liabilities: Include if certain liabilities are to remain with the assignor

6. Confidentiality: Include if specific confidentiality provisions are needed beyond those in the original option

7. Tax Provisions: Include if specific tax treatments or obligations need to be addressed

8. Third Party Rights: Include if rights are to be granted to or excluded from third parties

What schedules should be included in a Assignment Of Option Agreement?

1. Original Option Agreement: Copy of the original option agreement being assigned

2. Option Grantor Consent Letter: If required, the formal consent from the original option grantor

3. Property Details: If the option relates to property, details of the relevant property

4. Payment Terms: If the consideration is complex or involves multiple payments, detailed payment terms

5. Existing Encumbrances: If relevant, list of any existing encumbrances or limitations on the option

6. Required Notices: Forms of any notices required to be given under the original option agreement

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

Jurisdiction

Ireland

Publisher

Genie AI

Cost

Free to use
Relevant legal definitions
Relevant Industries

Real Estate

Commercial Property

Corporate Finance

Investment Banking

Private Equity

Construction

Energy

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Agriculture

Infrastructure Development

Retail Development

Industrial Development

Relevant Teams

Legal

Corporate Development

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Finance

Compliance

Risk Management

Property Development

Mergers & Acquisitions

Investment

Relevant Roles

Legal Counsel

Corporate Lawyer

Property Lawyer

Real Estate Director

Investment Manager

Commercial Director

Chief Financial Officer

Property Development Manager

Corporate Development Director

Risk Manager

Compliance Officer

Transaction Manager

Contract 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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