An Assignment Of Management Agreement is a crucial document used when there is a need to transfer the rights and responsibilities under an existing management agreement to a new management company in the UAE. This typically occurs during corporate restructuring, mergers and acquisitions, or strategic business realignment. The document must comply with UAE Federal Laws, particularly the Civil Code (Federal Law No. 5 of 1985) and Commercial Code, ensuring proper transfer of obligations while maintaining service continuity. It addresses key aspects such as transfer timing, liability allocation, employee considerations, and regulatory compliance. The agreement is particularly important in the UAE business context where management agreements are common in various sectors and must account for local commercial practices and legal requirements.
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1. Parties: Identifies the Assignor (current management company), Assignee (new management company), and the Principal (the party receiving management services)
2. Background: Describes the original Management Agreement, its key terms, and the reason for assignment
3. Definitions: Defines key terms used throughout the agreement, including references to the original agreement
4. Assignment: Core provision transferring rights and obligations under the Management Agreement to the Assignee
5. Effective Date: Specifies when the assignment takes effect
6. Consideration: Details any payment or consideration for the assignment
7. Assignor's Warranties: Warranties regarding the original agreement, its validity, and absence of breaches
8. Assignee's Undertakings: Commitments by the Assignee to perform the management services
9. Principal's Consent: Express consent to the assignment by the Principal
10. Continuing Obligations: Specifies any ongoing obligations of the Assignor
11. Governing Law and Jurisdiction: Confirms UAE law as governing law and specifies jurisdiction for disputes
1. Employee Provisions: Required when the assignment involves transfer of employees or employee-related obligations
2. Regulatory Approvals: Needed when the assignment requires approval from UAE authorities or regulators
3. Intellectual Property: Required when specific IP rights are being transferred as part of the management agreement
4. Non-Competition: Optional restrictions on the Assignor's future activities
5. Transition Services: Required when the Assignor needs to provide temporary support to the Assignee
6. Asset Transfer: Needed when specific assets or equipment are being transferred with the management rights
7. Data Protection: Required when personal data or confidential information transfer is involved
1. Original Management Agreement: Copy of the original agreement being assigned
2. Assigned Rights and Obligations: Detailed list of all rights and obligations being transferred
3. Required Consents: List of all third-party and regulatory consents obtained or required
4. Employee Information: Details of any employees being transferred (if applicable)
5. Transferred Assets: Inventory of any assets or equipment included in the assignment
6. Service Levels: Specific performance metrics and standards applicable to the Assignee
7. Transition Plan: Detailed timeline and procedures for implementing the assignment
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