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Tripartite Assignment Agreement

Tripartite Assignment Agreement Template for Canada

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Tripartite Assignment Agreement

"Need a Tripartite Assignment Agreement to transfer our commercial lease agreement for office space at 123 Business Drive to our subsidiary company, with the landlord's consent, effective March 1, 2025."

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Document background
The Tripartite Assignment Agreement is a crucial legal instrument used in Canadian business transactions when one party to an existing contract wishes to transfer their rights and obligations to a new party, while maintaining the involvement of the original counterparty. This document is commonly employed during business acquisitions, corporate restructuring, project reassignments, or when there's a need to novate existing contractual relationships. The agreement ensures compliance with Canadian provincial and federal laws, protecting all parties' interests by clearly defining the terms of assignment, obtaining necessary consents, and establishing the ongoing responsibilities of each party. It includes comprehensive details about the original agreement being assigned, the effective date of transfer, any conditions precedent, and the specific rights and obligations being transferred or retained.
Suggested Sections

1. Parties: Identification of the three parties: Assignor (original party), Assignee (new party), and Other Party (remaining original counterparty)

2. Background: Context of the original agreement and reason for assignment

3. Definitions and Interpretation: Definitions of key terms and interpretation rules

4. Assignment: Core provisions detailing what is being assigned and the effective date

5. Consent to Assignment: Express consent of the Other Party to the assignment

6. Release and Assumption: Release of Assignor and assumption of obligations by Assignee

7. Representations and Warranties: Standard representations from all parties regarding authority, capacity, and validity

8. Continuing Obligations: Obligations that continue post-assignment

9. Costs: Allocation of costs related to the assignment

10. Notices: Contact details and method of giving notices

11. Governing Law and Jurisdiction: Specification of Canadian law and jurisdiction

12. General Provisions: Standard boilerplate clauses including severability, entire agreement, etc.

13. Execution: Signature blocks for all three parties

Optional Sections

1. Confidentiality: Required if there are specific confidentiality obligations not covered in the original agreement

2. Intellectual Property: Include if IP rights are being transferred as part of the assignment

3. Tax Provisions: Required if there are specific tax implications or requirements

4. Regulatory Compliance: Include if the assignment requires regulatory approvals or notifications

5. Data Protection: Required if personal data is involved in the assignment

6. Employee Matters: Include if employment relationships are affected by the assignment

7. Security and Guarantees: Required if additional security or guarantees are being provided

8. Transition Provisions: Include if there's a transition period or specific transition requirements

Suggested Schedules

1. Schedule A - Original Agreement: Copy of the agreement being assigned

2. Schedule B - Assigned Rights and Obligations: Detailed list of specific rights and obligations being assigned

3. Schedule C - Excluded Rights and Obligations: List of any rights and obligations explicitly excluded from the assignment

4. Schedule D - Consent Requirements: List of any third-party consents required

5. Schedule E - Assets Schedule: Detailed list of any physical or intangible assets included in the assignment

6. Schedule F - Form of Notice: Template for notifying relevant third parties of the assignment

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions





































Clauses






























Relevant Industries

Financial Services

Real Estate

Manufacturing

Technology

Energy

Construction

Healthcare

Transportation

Telecommunications

Professional Services

Mining

Infrastructure

Retail

Agriculture

Relevant Teams

Legal

Commercial

Compliance

Corporate Secretariat

Risk Management

Operations

Finance

Business Development

Contract Administration

Procurement

Relevant Roles

Legal Counsel

Contract Manager

Commercial Director

Chief Legal Officer

Business Development Manager

Project Manager

Corporate Secretary

Risk Manager

Compliance Officer

Operations Director

Chief Financial Officer

Transaction Manager

General Counsel

Senior Legal Advisor

Commercial 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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