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Subrogation Contract
"I need a Subrogation Contract for my insurance company to take over the rights to pursue a claim against a manufacturing company that caused property damage to our insured client, with the contract to be effective from March 1, 2025, under Indonesian law."
1. Parties: Identification of the subrogating party (creditor/insurer) and the subrogated party (new creditor), including their full legal names and addresses
2. Background: Context of the subrogation, including the original debt or claim, and the circumstances leading to the subrogation
3. Definitions: Definitions of key terms used in the agreement, including 'Original Debt', 'Debtor', 'Subrogation Rights', and other relevant terms
4. Subject of Subrogation: Detailed description of the rights, claims, and/or obligations being transferred through subrogation
5. Consideration: Details of the payment or consideration being provided for the subrogation
6. Transfer of Rights: Specific provisions regarding the transfer of rights, including the timing and extent of the transfer
7. Representations and Warranties: Statements by both parties regarding their authority to enter into the agreement and the validity of the rights being transferred
8. Obligations of the Parties: Specific duties and responsibilities of each party before, during, and after the subrogation
9. Documentation and Evidence: Requirements for documentation supporting the subrogated claim and obligations to provide evidence
10. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and designation of competent courts
11. Notices: Process and requirements for formal communications between the parties
12. Execution: Signature blocks and execution requirements
1. Insurance Specific Provisions: Additional provisions specific to insurance-based subrogation, used when the subrogation arises from an insurance claim
2. Third Party Rights: Provisions regarding the rights of the original debtor or other third parties, used when third party interests need to be protected
3. Dispute Resolution: Detailed dispute resolution procedures, used when parties want specific arbitration or mediation processes
4. Confidentiality: Provisions regarding confidential information, used when sensitive commercial or personal information is involved
5. Further Assurance: Obligations to execute additional documents or take further actions, used in complex subrogations
6. Severability: Provisions for maintaining validity if parts of the agreement are found invalid, used in high-value or complex transactions
1. Schedule 1 - Original Claim Details: Detailed description of the original claim or debt being subrogated
2. Schedule 2 - Supporting Documents: List and copies of relevant supporting documents, such as the original contract, insurance policy, or payment evidence
3. Schedule 3 - Payment Details: Details of payments made or to be made in relation to the subrogation
4. Appendix A - Power of Attorney: If required, formal authorization for the subrogated party to act
5. Appendix B - Consent Forms: Any required consent forms from third parties or the original debtor
6. Appendix C - Transfer Documentation: Forms and documents required under Indonesian law for the transfer of rights
Authors
Insurance
Banking and Financial Services
Legal Services
Healthcare
Construction
Manufacturing
Transportation and Logistics
Real Estate
Maritime and Shipping
Energy
Legal
Insurance Operations
Risk Management
Compliance
Finance
Claims Processing
Corporate Secretariat
Recovery and Collections
Contract Administration
Insurance Underwriting
Legal Counsel
Insurance Claims Manager
Risk Manager
Compliance Officer
Corporate Secretary
Finance Director
Insurance Underwriter
Claims Adjuster
Contract Administrator
Legal Operations Manager
Recovery Specialist
Subrogation Manager
Insurance Operations Director
Corporate Lawyer
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