Document background
The Assignment Of Purchase Agreement is a crucial legal instrument used when a party wishes to transfer its rights and obligations under an existing purchase agreement to another party in Austria. This document is particularly relevant in scenarios involving asset transfers, corporate restructuring, or when a purchaser needs to exit a transaction before completion. Governed by Austrian law, particularly the ABGB (Austrian Civil Code), it must address specific legal requirements for valid assignment (Zession), including proper notification and consent procedures. The document typically includes details of the original purchase agreement, terms of assignment, consideration, representations and warranties, and any conditions precedent. It's essential for maintaining contractual continuity while ensuring all parties' interests are protected under Austrian legal framework.
