An Assignment Of Construction Contract is used when a contractor needs to transfer their rights and obligations under a construction contract to another contractor in New Zealand. This situation might arise due to corporate restructuring, contractor insolvency, strategic business decisions, or project optimization requirements. The document ensures compliance with New Zealand legislation, including the Construction Contracts Act 2002, Property Law Act 2007, and Building Act 2004. It includes comprehensive details about the original contract, the parties involved, outstanding obligations, payment arrangements, and necessary consents. The assignment document typically requires careful consideration of existing securities, warranties, and performance guarantees, and often necessitates the principal's explicit consent. It serves as a crucial tool for maintaining project continuity while protecting the interests of all parties involved in the construction project.
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1. Parties: Identification of the Assignor (original contractor), Assignee (new contractor), and Principal (client)
2. Background: Details of the original construction contract, reason for assignment, and context of the transfer
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpretation
4. Assignment: Core provision transferring rights and obligations under the construction contract from Assignor to Assignee
5. Effective Date: Specification of when the assignment takes effect
6. Consideration: Details of any payment for the assignment
7. Assignor's Warranties: Warranties regarding the original contract, outstanding obligations, and authority to assign
8. Assignee's Covenants: Assignee's commitments to perform the contract and indemnify the Assignor
9. Principal's Consent: Documentation of the Principal's agreement to the assignment
10. Completion of Assignment: Actions required to complete the assignment process
11. Governing Law: Specification that New Zealand law governs the assignment
1. Security Arrangements: Required if there are bonds, guarantees, or other security arrangements to be transferred or replaced
2. Intellectual Property: Needed if specific IP rights are being transferred as part of the assignment
3. Outstanding Claims: Include if there are existing disputes or claims that need to be addressed
4. Retention Monies: Required if there are retention funds held under the original contract
5. Novation Provisions: Include if the arrangement is structured as a novation rather than pure assignment
6. Third Party Consents: Required if other parties' consents (beyond the Principal) are needed
7. Insurance Arrangements: Include if specific insurance requirements need to be transferred or established
1. Schedule 1 - Original Construction Contract: Copy or details of the construction contract being assigned
2. Schedule 2 - Project Details: Specific details of the construction project including location, scope, and current status
3. Schedule 3 - Outstanding Obligations: List of remaining works, payments, and obligations under the contract
4. Schedule 4 - Existing Securities: Details of any bonds, guarantees, or other security arrangements
5. Schedule 5 - Consents and Approvals: Copies of all required consents for the assignment
6. Schedule 6 - Transfer Documents: Forms and notices required to effect the transfer of the contract
7. Appendix A - Completion Certificate: Form of certificate confirming completion of the assignment process
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