Liability Assumption Agreement

Liability Assumption Agreement Template for Singapore

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Key Requirements PROMPT example:

"Need a Liability Assumption Agreement for our Singapore subsidiary to take over all existing project liabilities from our parent company, including ongoing construction warranties and employee benefit obligations, effective from March 1, 2025."

Document background

The Liability Assumption Agreement is a crucial document used when one party needs to formally take over specific obligations or liabilities from another party under Singapore law. This agreement is commonly used in corporate restructuring, asset sales, project handovers, or debt assumptions. The document clearly defines the scope of assumed liabilities, conditions of assumption, and ensures compliance with Singapore's legal requirements including the Civil Law Act and Unfair Contract Terms Act. It provides legal certainty and protection for all parties involved by clearly documenting the terms and conditions of the liability transfer.

Suggested Sections

1. Parties: Identification of the assuming party and the party transferring liability

2. Background: Context of the liability assumption and related circumstances

3. Definitions: Key terms used throughout the agreement

4. Scope of Assumed Liability: Detailed description of liabilities being assumed

5. Terms of Assumption: Conditions and mechanisms of the liability transfer

6. Duration: Period for which the assumption remains valid

7. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Insurance Requirements: Optional section specifying insurance obligations of the assuming party when specific coverage is required

2. Security Provisions: Optional section detailing additional security or guarantees when additional financial security is needed

3. Step-in Rights: Optional section covering rights to intervene in certain circumstances, typically used in complex commercial arrangements

Suggested Schedules

1. Schedule of Assumed Liabilities: Detailed list of specific liabilities being assumed

2. Schedule of Excluded Liabilities: List of liabilities specifically excluded from assumption

3. Financial Schedule: Financial details and payment terms if applicable

4. Insurance Schedule: Required insurance coverage details

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��ֱ�� | 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

Construction
Financial Services
Manufacturing
Real Estate
Healthcare

Relevant Teams

Legal
Finance
Risk Management
Compliance
Operations

Relevant Roles

Chief Financial Officer
Risk Manager
Legal Counsel
Compliance Officer
Project Manager

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Let's create your Liability Assumption Agreement

Authors

Alex Denne

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