Assignment Of Construction Contract To Lender for the United States

Assignment Of Construction Contract To Lender Template for United States

A legal document used in the United States that transfers the rights and obligations under a construction contract from the original contractor to a lender, typically as security for financing. The assignment enables the lender to step into the contractor's position if necessary, ensuring project completion and protecting the lender's security interest in the project. The document includes provisions for rights transfer, obligations, and necessary consents under applicable state and federal laws.

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What is a Assignment Of Construction Contract To Lender?

The Assignment Of Construction Contract To Lender is utilized when a contractor requires project financing and the lender needs security for their loan. This document, commonly used in U.S. construction projects, provides the lender with rights to step in and complete the project if the contractor defaults. It includes detailed provisions about the assignment scope, parties' rights and obligations, and necessary consents. The document must comply with state-specific construction laws, UCC requirements, and federal regulations regarding assignments. It's particularly crucial in large-scale construction projects where significant financing is involved.

What sections should be included in a Assignment Of Construction Contract To Lender?

1. Parties: Identifies the Assignor (original contractor), Assignee (lender), and other relevant parties

2. Background: Explains the original construction contract and the reason for assignment

3. Definitions: Defines key terms used throughout the agreement including Contract, Project, Assignment, Security Interest

4. Assignment: Details the rights and obligations being assigned from the contractor to the lender

5. Consideration: States the consideration for the assignment and acknowledgment of receipt

6. Representations and Warranties: Statements of fact by the assignor regarding the contract being assigned, its validity and enforceability

7. Governing Law: Specifies the jurisdiction and applicable laws governing the assignment

8. Notice Requirements: Details the procedures for giving notice under the assignment

What sections are optional to include in a Assignment Of Construction Contract To Lender?

1. Consent Requirements: Required if original contract has consent provisions or requires third-party approval for assignment

2. Security Interest Provisions: Additional terms regarding the creation and perfection of security interests in the contract rights

3. Step-In Rights: Lender's rights to take over the project in case of contractor default or other specified circumstances

4. Further Assurances: Obligation to execute additional documents or take actions to effectuate the assignment

What schedules should be included in a Assignment Of Construction Contract To Lender?

1. Schedule A - Original Construction Contract: Copy of the construction contract being assigned including all amendments and modifications

2. Schedule B - Consent Certificate: Written consent from other parties to the construction contract if required

3. Schedule C - Project Documents: Relevant permits, plans, specifications, and other project-related documents

4. Schedule D - Notice Forms: Templates for required notices under the assignment agreement

5. Schedule E - UCC Financing Statements: Forms for perfecting security interests under the UCC if applicable

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

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Free to use

Relevant legal definitions

Clauses

Relevant Industries

Construction

Banking and Finance

Real Estate Development

Infrastructure

Relevant Teams

Legal

Finance

Construction Operations

Risk Management

Compliance

Relevant Roles

Construction Project Manager

Commercial Loan Officer

Contract Administrator

Chief Financial Officer

Construction Attorney

Industries

UCC Article 9: Federal Uniform Commercial Code Article 9 governs secured transactions and must be considered for proper assignment of contract rights and security interests

Federal Assignment of Claims Act: Federal law governing the assignment of claims against the United States government, which may be relevant if the construction project involves federal contracts

Construction Industry Payment Protection Act: Federal legislation ensuring payment protection in construction contracts, which must be considered when assigning contract rights

State Construction Lien Laws: State-specific laws governing mechanics' liens and other construction-related liens that may affect the assignment of contract rights

State Contractor Licensing Requirements: State-specific regulations regarding contractor licensing that must be maintained even after assignment of the contract

State Assignment Laws: State-specific laws governing the assignment and delegation of contract rights and duties

State Security Interest Laws: State-specific regulations regarding the creation and perfection of security interests in contract rights

Mechanics' Lien Rights: Laws protecting contractors, subcontractors, and suppliers' rights to payment through liens on the property

Building Codes and Permits: Local and state regulations regarding construction standards and necessary permits that must be maintained post-assignment

Surety Bond Requirements: Laws and regulations regarding performance and payment bonds in construction projects

Anti-Assignment Provisions: Review of original contract terms that may restrict or prohibit assignment of rights and obligations

Contract Law - Assignment and Delegation: General principles of contract law governing the transfer of rights and obligations to third parties

Third-Party Beneficiary Rights: Legal principles governing the rights of parties who may benefit from the contract but are not direct parties

Bankruptcy Law - Assignment Rights: Federal bankruptcy laws affecting the assignment of contracts and automatic stay provisions

Real Property Recording Requirements: State and local requirements for recording assignments affecting real property interests

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What is a Assignment Of Construction Contract To Lender?

What sections should be included in a Assignment Of Construction Contract To Lender?

What sections are optional to include in a Assignment Of Construction Contract To Lender?

What schedules should be included in a Assignment Of Construction Contract To Lender?

Authors

Alex Denne

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