ASSIGNMENT OF RIGHTS AND OBLIGATIONS BY PRINCIPAL UNDER AN AGREEMENT
THIS DEED OF ASSIGNMENT is made this the _____ day of _________ be (assignor company) ______________________ a company incorporated under the Indian Companies Act 1956 (amended in 2012) having its registered office at [address] _____________________________________ (hereinafter called the company) of the ONE PART
AND
__________________________ (assignee company) a company also incorporated under the said Act having its registered office at (address) _________________________ (hereinafter called the assignees) of the OTHER PART.
WHEREAS:
1. This deed is supplemental to an agreement (hereinafter called the agency agreement) dated the _____________ day of __________ and made between the company of the ONE PART and _____________________ [agents] of [address, etc.] (hereinafter called the agents) of the OTHER PART whereby subject to the provisions thereof the company appointed the agents for a period of _______ years from (date) the sole selling agents within (territory) for sale of the products of the company as described in the agency agreement.
2. On or about ______ (date) the company agreed with the assignees to assign all the rights and obligations of the company under the said agency agreement to the assignees with the effect from _______
3. Notice in writing of the proposed assignment was given to the agents on _________ as per terms of the said agency agreement.
NOW THIS DEED made in pursuance of the said agreement and in consideration of the premises
WITNESSETH AND IT IS HEREBY AGREED AND DECLARED as follows:
1. The company hereby assigns to the assignees all the rights to which the company is entitled under the said agency agreement dated _________ together with the full benefit of the said agency agreement as from (date) ______ subject to the obligations on the part of the company under the said agreement but otherwise absolutely.
2. The company hereby empowers the assignees at the assignees expense in the name of the company or otherwise to enforce all or any of the rights hereby assigned as fully in all respects as the company could enforce them and hereby irrevocably appoints the assignees to be the attorney of the company in the name and on behalf of the company for this purpose.
3. The assignees hereby covenant with the company to observe and perform all the obligations on the part of the company under the agency agreement and to keep the company indemnified against all claims made against it by the agents under the agency agreement and against all cost charges and expenses incurred by the company in connection with any such claims or in connection with the use by the assignees of the name of the company pursuant to the provisions hereof.
IN WITNESS etc.
[Signatures and common seals of both parties]
