Assigning a Guarantee or an Indemnity

A guarantee or an indemnity can only be assigned if there are no restrictions preventing the assignment or if consent to the assignment has been obtained beforehand.

A typical clause dealing with this issue is as follows:

“Subject to the further provisions of this clause x, this Agreement is personal to the parties and neither party shall assign or deal in any other manner with any or all of its rights and obligations under this Agreement.”

Or

“Either party may, after having given 28 days prior written notice to the other party, assign any or all of its rights and obligations under this Agreement, provided that the assignee agrees in writing with the assignor to be bound by the obligations of the assignor under this Agreement.”

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