Legaljini

Deed for assignment of benefit of a Hire-Purchase Agreement

This deed is required when one party wishes to assign all his rights of the hire purchase agreement to another. DEED OF ASSIGNMENT is a document or agreement which an assignor (the transferor) states his promise that from the date of the assignment or any date predetermined therein, the assignor assigns his ownership in that property to the assignee (transferee). This deed is required when one party wishes to assign all his rights of the hire purchase agreement to another.

₹ 175.00

1

What is an assignment?

Ans.

It means transfer of rights or obligations held by one party to another party. Assignment of rights under a contract is the complete transfer of rights to receive benefits accruing to one party to that contract.

2

What are the characteristics of an assignment?

Ans.

An assignment has the effect of transferring the ownership of intellectual property from one person to another. This is a permanent divestment of ownership.

3

What are the common terms of a Deed of Assignment?

Ans.

1. Assignment Clause 
2. Definition of what is to be assigned
3. Exceptions 
4. Warranties

4

Is it mandatory to make a written deed of assignment?

Ans.

No, it is not mandatory to have a deed of assignment in written form. However, the Judiciary has always held that in order to avoid problems during any dispute and for clarity of the terms and conditions of the agreement the deed should always be reduced to writing. Likewise, it is prudent to expressly record a party’s right to assign, if   that is the intention. Any agreed limitations on such assignment rights should also be expressly recorded.

5

What happens when a new party is introduced to the deed?

Ans.

The introduction of a new party into an existing contract would itself amount to a novation of the existing contract, that is, the creation of a new contract between the original party and the new party. Courts have proceeded on the basis that a transfer of obligations can be affected only through a novation. Hence, the assignment clauses in contracts should also deal with novation, if the intention is to transfer obligations as well.

 

 

STEP 1

Fill in the blank spaces. Delete instructions highlighted in grey.

Fill in the blank spaces. Delete instructions highlighted in grey. E.g. Name, address, date etc.

 

 

 

STEP 2

Alternations: 

Add or delete a clause according to your needs. Re-check the document.

 

 

 

STEP 3

Stamp Paper

The Stamp Duty value will be made available to you at your legaljini account on purchase of the document.

 

Stamp Duty Payment option 1

If you wish to print Agreement on Stamp Paper, you can buy from court/ Stamp office and said Stamp paper will be used as 1st page of Agreement. If you wish to have 2 copies of Agreement you should buy 2 Stamp Papers (one Stamp Paper for each copy)

 

Stamp Duty Payment option 2

If you have facility of franking for Stamp Duty payment at nearest bank, you need to print the Agreement & get franking done. If you wish to have 2 copies of Agreement you should frank 2 copies (one copy for each party)

 

 

 

 

Ledger Paper

The rest of the document must be printed on SINGLE SIDES OF A SHEET of Ledger Paper

 

Available at:

This Legal Size Green Paper is available at any stationery shop.

 

 

 

STEP 4

Printing on Legal Paper:

 

 

On Stamp Paper

The first page of the print should be taken on a Stamp paper of required value. Make sure to print only on the blank portion of the stamp paper. If you wish to know more about stamp papers, please contact our helpdesk.

 

On Ledger Paper

Rest of the document must be printed on SINGLE SIDES OF A SHEET of Ledger Paper.

 

 

 

STEP 5

Number of Copies Needed:

2 Copies

 

 

 

STEP 6

Photographs & Signatures/ Thumb Impression & Initials:

Document must be initialed or marked by the parties at the end of every page and also next to corrections/alterations made, if any and the concerned parties should sign, affix their mark and recent passport size photographs against their names on the last page of the document.  Document must be initialed or marked by the parties at the end of every page and also next to corrections/alterations made, if any.

 

 

 

STEP 7

Witness Attestation (Both Parties):

Document must be attested by at only one witness.

 

 

 

STEP 8

Registration/ Notary

Registration or Notary is mandatory for some documents. If you need clarification you may contact our Helpline at support@legaljini.com 

 

 

Please contact the nearest Sub Registrar office for registration of this document.

 

 

 

You Need to Know:

N.A.

 

 

 

Please contact our Helpline, if you have any difficulty.