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This Precedent is a notice to be issued by the assignee to the original contractual counterparty informing it of an assignment of the benefit and interest in a particular contract or debt.

In an asset sale (whether an intra-group reorganisation or an arm’s length transaction), it is likely that contracts will form part of the assets being transferred to the purchaser. This document gives notice to the contractual counterparty (after completion of the sale) that the seller (as assignor) has assigned all its rights, title and interest in a particular contract to a third party (the buyer, as assignee). The notice of assignment will generally come from the seller, as assignor, rather than the buyer so as to give comfort to the contractual counterparty that the assignment has been validly made.

For guidance, see Practice Note: Ireland—Assigning rights under contracts.

Giving notice of assignment to the contractual counterparty is a necessary part of ensuring that the assignment is effective as a legal assignment (otherwise it may simply act as an equitable assignment).

In the case