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An assignment is 'an immediate transfer of an existing proprietary right, vested or contingent from one party to another'. Assignments can occur by consent or by operation of law.
A consensual assignment occurs by way of a gift or consideration. Assignments by law can occur during life or on death and will transfer the benefit of rights to the assignee but will not make the assignee personally liable. An attempt to transfer benefits under a contract of personal performance will not be effective.
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Rights of light—identifying provisions in leases—checklist This Checklist sets out which clauses in a lease and other relevant documents should be reviewed to determine whether a right of light exists. A right of light is an easement that entitles a landowner to receive natural light through an aperture in a building on its property. The owner of the land that is burdened by the right of light (the 'servient Building') cannot interfere with it without consent. On any proposed development it is therefore necessary to identify any neighbouring properties potentially enjoying a right of light (the 'dominant Building'). For further information regarding rights of light, see the following Practice Notes: • Establishing and maintaining rights of light • Rights of light—obstruction notices • Rights of light claims • Rights of light—insurance for developers Section 2 of the Prescription Act 1832 (PA 1832) requires actual enjoyment of light, which means that a right of light can be acquired for their own benefit and in their own right by those with a...
Commercial contract review and execution (business personnel)—checklist This is a Checklist for in-house lawyers to provide to those of its employees (eg procurement or sales professionals) who are engaged in negotiating commercial contracts. It sets out the primary issues to consider when negotiating or reviewing a business-to-business commercial contract, and includes practical guidance. This Checklist may be suitable for use in low risk contracts where employees who are not legally qualified are authorised to conduct negotiations and contract review. It may be customised as required to work with a company playbook on contract negotiation and review, to include suggested fall-back drafting positions and escalation points for recourse to a legal team as appropriate. As it is intended to be used by non-legal professionals, it does not include links to further detailed legal commentary in each case. For a Checklist intended for use by legal professionals with links to further information, see: Commercial contract drafting and review—checklist. In-house lawyers should check that business personnel engaged in negotiating and concluding commercial contracts...
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This Practice Note examines the following legal and practical matters in relation to entering into a subcontract or when granting permission to subcontract:•What is subcontracting?•When is subcontracting permitted?•What is the legal effect of subcontracting?•Liability of subcontractor for consequential loss of contractor•Liability of subcontractor to customerWhat is subcontracting?Although contractual rights and benefits generally are (subject to express contractual provisions to the contrary) assignable, contractual obligations or burdens are not. However, in certain circumstances contractual obligations or burdens may be ‘vicariously’ performed by way of subcontracting.Subcontracting is the delegation by one party (the main contractor) of some or all of its obligations under a contract between it and a customer to a third party (the subcontractor) for performance by the subcontractor. Where subcontracted performance is permitted, there is no transfer of the contractor’s liability under the main contract with its customer to the subcontractor. The contractor remains liable to the customer under the main contract for the non-performance by the subcontractor, even where the customer consents to the vicarious performance.There is no...
This Practice Note identifies what can be transferred when assigning rights under a contract and how to effect a valid assignment of a contract.For guidance on common contract assignment scenarios, see Practice Note: Assigning contracts—common scenarios and considerations.For guidance on the key practical and commercial considerations when assigning contracts, see Practice Note: How to assign rights under a contract.Note also that when discussing assigning contractual rights, reference may also be made to assigning ‘chose in action’ in the sense that the benefit of a contract has been held to be a chose in action.When is assignment of contracts relevant for consideration?Contracts, or rather, rights under contracts, are frequently assigned as part of the way companies run their businesses. When advising a party in relation to a proposed or purported assignment (transfer) of a contractual right where there may be a dispute, you will need to consider:•what, when and how rights can be assigned•how an assignment can be challengedFor detail on how to vary or transfer rights and obligations under a...
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Property warranties and definitions to include in a short-form asset purchase agreement 1 Definitions In this Agreement, unless the context otherwise requires: Encumbrance means any mortgage, claim, charge (fixed or floating), pledge, lien, hypothecation, guarantee, right of set-off, trust, assignment, right of first refusal, right of pre-emption, option, restriction or other encumbrance or any legal or equitable third party right or interest including any security interest of any kind or any type of preferential arrangement (or any like agreement or arrangement creating any of the same or having similar effect) and Encumbrances means more than one of them; Freehold Properties ...
1 Definitions for Step-in rights and SRA compliance clauses: law firm outsourcing agreement Applicable Laws means: (a) the laws of England and Wales [and [insert other specific applicable laws, eg of other jurisdictions where the Services will be performed]]; (b) any other laws or regulations; (c) any industry codes, policies or guidelines issued by a Regulator as notified to Supplier by Customer from time to time in each case, as these are applicable to the performance of the Services; Confidential Information ...
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How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market? Summary This Q&A refers to the European Commission’s proposal for a Regulation on the law applicable to the third-party effects of assignments (the Proposal) published on 12th March 2018, which could have an impact on the market for trading participations in syndicated and bilateral loans. Both of the Loan Market Association (LMA) and the City of London Law Society made representations asking for the Proposal to be shelved or at least amended to accommodate current market practice in the secondary loan market. Their representations are available on their respective websites. It is fair to say that in its original form the Proposal would have disrupted the secondary loan market by making due diligence on the part of a buyer much more complicated for the reasons given below. The UK indicated on 9 July 2018, shortly after publication of this Q&A, that it would not opt in...
How do the provisions of paragraph 4 of Part 1 of Schedule 1 to the Academies Act 2010 impact consideration of whether or not a maintained school can let part of the school premises to a third party for use as a nursery two–four years olds? The Academies Act 2010 (AcA 2010) and regulations made thereunder makes provision for the transfer of land from the local authority to the Academy Trust. While there is power in AcA 2010, Sch 1 Pt 1 to provide for outright transfer, the guidance from the Department for Education in its document, Land Transfer Advice (April 2013) is that in the vast majority of cases the transfer will be by way of a 125-year lease to the Academy Trust, thus preserving the public land. It is usually only in those cases where a school already owns their own land prior to conversion to an academy that there will be a transfer of the freehold. The general power of a local authority to make disposals of...
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This week's edition of Corporate weekly highlights includes: publication by Companies House of Registrar’s rules on identity verification and applying to become an Authorised Corporate Service Provider, the City of London Law Society Financial Law Committee’s note on execution of a legal assignment, the House of Lords Financial Services Regulation Committee report on the FCA's latest proposals to publicise enforcement investigations, the Accelerated Settlement Taskforce Technical Group’s UK Implementation Plan for T+1 securities settlement, the ICMA’s recommendations for simplifying EU sustainable finance legislation and the Platform on Sustainable Finance report on simplifying the EU taxonomy.
This week's edition of Commercial weekly highlights includes: commentary on the decision in WH Holding v E20 Stadium which highlights the court's approach to balancing the finality of expert decisions with the need to correct obvious errors, analysis of the Information Commissioner’s Office’s guidance on ‘consent or pay’ models, and news that the City of London Law Society's financial law committee has published a comprehensive note addressing the execution of legal assignments under section 136 of The Law of Property Act 1925.
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