The Assignment Of License Agreement is a crucial document used when a licensee needs to transfer their licensed rights to another party under Malaysian law. This typically occurs during corporate restructuring, mergers and acquisitions, or strategic business realignments. The document ensures compliance with Malaysian legal requirements while facilitating the smooth transfer of license rights. It includes essential elements such as party details, assignment terms, warranties, and necessary consents, particularly addressing requirements under Malaysian intellectual property law, the Contracts Act 1950, and relevant regulatory frameworks. The agreement is designed to protect all parties' interests while ensuring the continued validity of the original license terms.
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1. Parties: Identification of the Assignor (current licensee), Assignee (new licensee), and where required, the original licensor
2. Background: Details of the original license agreement and the context for the assignment
3. Definitions: Definitions of key terms used throughout the agreement
4. Assignment: Core provision transferring the license rights from Assignor to Assignee
5. Consideration: Details of the payment or other consideration for the assignment
6. Effective Date: Specification of when the assignment takes effect
7. Assignor's Warranties: Warranties regarding the license rights, authority to assign, and absence of encumbrances
8. Assignee's Covenants: Assignee's commitment to comply with the original license terms
9. Governing Law: Specification of Malaysian law as the governing law
10. Execution: Signature blocks and execution formalities
1. Licensor Consent: Required when the original license agreement requires licensor's consent for assignment
2. Intellectual Property Rights: Detailed section needed when the license involves multiple types of IP rights
3. Regulatory Compliance: Required when the assignment needs specific regulatory approvals or registrations
4. Confidentiality: Include when confidential information is being transferred as part of the assignment
5. Tax Provisions: Required when there are specific tax implications or arrangements
6. Third Party Rights: Include when the assignment affects or requires cooperation from third parties
7. Post-Assignment Support: Include when the assignor needs to provide transition assistance
8. Dispute Resolution: Optional detailed dispute resolution procedures beyond standard court jurisdiction
1. Original License Agreement: Copy of the license agreement being assigned
2. Licensed Rights: Detailed description of the intellectual property rights covered by the license
3. Payment Terms: Detailed breakdown of consideration and payment schedule
4. Existing Obligations: List of ongoing obligations under the license agreement
5. Required Consents: Copies of third-party consents and regulatory approvals
6. Transition Plan: If applicable, detailed plan for transitioning the license to the assignee
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