The purpose of this agreement is to provide an employer some protection against the possibility that knowledge gained by an employee will be used in the future to compete with the employer.
Full description
This Agreement is used to define the understanding between a supplier of products or merchandise and their client.
176
Form No. 7
Assignment of an Agreement for Sale This Deed of Assignment made between Mr Mr.. ........... ... hereinafter referred to as the ASSIGNOR of the One Part and Mr. ............. hereinafterreferred to as the ASSIGNEE of the other Part as follows : WHEREAS 1. By an agreement for sale dated .......... .... entered into between Mr Mr.. X as Vendor and the Assignor as Pur chaser chaser,, the Vendor has agreed to sel l and the Assignor has agreed to purchase the land and premises situate at .............. and more particularly described in the Schedule thereunder written (being the same as described in the Schedule hereunder written) at the price and on the terms and conditions therein mentioned. 2. The said agreement is still valid and subsisting. 3. The Assignor has paid to the Vendor a sum of Rs. .............. as ear nest money and towards payment of the Purchase price and the balance is to be paid on the execution of the Deed of Conveyance. 4. The Assignor is not interested in purchasing the said property and the Assignee has expressed his desire to purchase the said property on the terms and conditions mentioned in the said agreement for sale. 5. The Assignor has agreed to assign his right to Purchase the said property under the said agreement for sale and all other rights incidental thereto at the price of Rs. .............. and which the Assignee has agreed to pay. NOW THIS DEED WITNESSETH that pursuant to the said agreement and in consideration of the sum of Rs. ............ .. paid by the Assignor to the Assignee on the execution of these Presents(receipt whereof the Assignor doth hereby admit) he the Assignor doth hereby assign and transfer the right of the Assignor to pur chase the said land and premises described i n the Schedule hereunder written arising under and by virtue of the said agreement for sale dated ............. hereinbefore recited and all other right and interest of the Assignor under and by virtue of the said agreement for sale absolutely but subject to all the duties and obligations and liabilities of the Assignor under or by virtue of the said agreement for sale and now to be complied with by the Assignee qua the said Vendor including the obligation t o pay the balance of t he purchase price to the said Vendor and all other money if any payable by the Assignor under the said agreement. Provided that and It is hereby agreed and declared and the Assignee covenants with the Assignor Assignor that if in the event of breach of any term or condition contained in the said agreement for sale on the Part of the Assignee for and on behalf of the Assignor, the Assignor suffers or incurs any loss, damage, costs, charges and expenses, the Assignee shall indemnify
ASSIGNMENT OF AN AGREEMENT FOR SALE
177
and keep indemnified the Assignor against all such loss, damage, costs, charges and expenses. IN WITNESS WHEREOF THE PAR TIES HAVE PUT THEIR RESPECTIVE HANDS THE DAY AND YEAR FIRST HEREINABOVE WRITTEN. THE SCHEDULE ABOVE REFERRED TO x
x
x
x
Signed by the withinnamed Assignor Mr. .............. in the presence of .............. .............. Signed by the withinnamed Assignee Mr. .............. in the presence of ............................ __________
Note: This document is not required to be registered as the agreement for sale does not create any interest in the property. It is an assignment of an actionable claim and is required to be stamped as such. It is however axiomatic whether it will attract Stamp duty on the market value of the property involved. It is submitted that if at all, it will attract stamp duty on the consideration mentioned in the deed as on conveyance.
In English Law an agreement for purchase of immovable property unlike the Indian Law creates an equitable interest in the property and therefore by such agreement the Purchaser can assign to a Sub-Purchaser “all the estate and interest of the Purchaser in the property”. That will not be so in case of an assignment of such agreement under Indian Law. Stamp Duty, eStamping & Registration : See the Indian Stamp Act, 1899 (2 of 1899), Rates of Stamp Duty in various States, eStamping and Compulsorily & Optionally Registrable Documents under the Registration Act, 1908 (16 of 1908), with ofcial websites, in respective later Part/Chapters on Stamp Duty, eStamping & Registration of Deeds & Documents.
