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General agreements

Assumption Agreement

November 23, 2011 by agri in General agreements with 0 Comments
The assumption agreement is a type of legal contract that is effective between two parties; one of whom is the “Seller” while the other is the “Acquirer “. An assumption agreement is required when the Acquirer has purchased or acquired certain assets from a seller and thus has to assume specific obligations of the Seller of the asset.

You can Download the Free Assumption Agreement customize it according to your needs and Print. Assumption Agreement is either in MS Word, Excel or in PDF.

Sample Assumption agreement

Assumption Agreement

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This agreement is made between the Seller and the Acquirer on the effective date of 11th November, 2011.

Seller represented by

Mr. Jason Bourne

Address: 44575 Mound Rd, Sterling Heights, MI 48314

Contact number: (586) 323-2394

Acquirer represented by:

Mr. Albert Hirsch

Address: 450 Highland Ave, Salem, MA 01970

Contact number: (508) 966-7633

Terms and Conditions:

  • The Acquirer according to the Assumption Agreement hereby assumes and agrees to perform, discharge, and fulfill all obligations and liabilities arising under or pursuant to the said responsibilities as mentioned in the section 1 of the Assumption Agreement.
  • The Acquirer shall defend, indemnify, and hold the Seller against, from, and with respect to any liability, claim, loss, obligation, assessment, damage, judgment, expense or cost (including reasonable attorneys’ costs, expenses, and fees reasonably incurred in preparing, investigating, prosecuting, and defending against any claim or litigation), of any character or kind arising from any incident, attributable or related to any failure on behalf of the Acquirer in fulfilling, performing, or discharging any of the said Obligations.
  • The “Indemnifying Party” is not liable under the indemnities that are contained in the Section 2 of the Assumption Agreement, with respect to a claim that has been made against the “Indemnified Party” unless they are entitled to and given appropriate opportunity to participate in defending any suit or claim that has been brought against them.

This Assumption Agreement shall be active when the parties “Seller” and “Acquirer” set their seals as on the date 11/11/2011 (MM/DD/YY).

SIGNED FOR AND ON BEHALF OF SELLER BY:

…………………………………………………………….

Name:

SIGNED FOR AND ON BEHALF OF AQUIRER BY:

…………………………………………………………….

Name:


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