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The Assignment Of Management Agreement is a crucial document used when there is a need to transfer existing management responsibilities from one service provider to another in India. This document becomes necessary during corporate restructuring, merger and acquisition activities, or when a management company needs to exit its obligations. The agreement, governed by Indian contract law, ensures a smooth transition of management services while protecting all parties' interests. It details the transfer of rights and obligations, specifies transition procedures, and includes necessary consents and warranties. The document must comply with the Indian Contract Act, 1872, and other relevant legislation, making it essential for businesses operating in various sectors across India.

1. Parties: Identifies the Assignor (current manager), Assignee (new manager), and the Original Party (the party receiving management services)

2. Background: Details of the original Management Agreement, reason for assignment, and context of the transaction

3. Definitions: Defines key terms used throughout the agreement, including 'Management Agreement', 'Effective Date', 'Assignment Date', etc.

4. Assignment: Core clause transferring rights, obligations, and liabilities under the Management Agreement from Assignor to Assignee

5. Effective Date: Specifies when the assignment takes effect and any conditions precedent

6. Consent and Acknowledgment: Original Party's formal consent to the assignment and acknowledgment of the Assignee as new manager

7. Assignor's Warranties: Warranties regarding the Management Agreement's validity, no prior assignment, and authority to assign

8. Assignee's Undertakings: Commitments by Assignee to perform management obligations and comply with agreement terms

9. Fees and Payments: Handling of management fees, including any accrued amounts and future payments

10. Handover Provisions: Process for transferring responsibilities, documents, and ongoing matters

11. Governing Law and Jurisdiction: Specifies Indian law as governing law and relevant jurisdiction for disputes

12. Notices: Communication procedures between parties

13. Counterparts: Provision for execution in multiple counterparts