A cession agreement is a legal document outlining the transfer of rights or interests in a particular asset or property from one party to another. A cession agreement serves as proof of ownership transfer and protects both parties` rights and interests.
Here is an example of a cession agreement:
CESSlON AGREEMENT
This Cession Agreement (the “Agreement”) is hereby entered into on [insert date], by and between [insert name of cedent], the “Cedent,” and [insert name of cessionary], the “Cessionary.”
WHEREAS, the Cedent is the owner of the following described asset:
[insert description of asset being transferred]
WHEREAS, the Cedent desires to transfer all of its rights, title, and interest in and to the aforementioned asset to the Cessionary, and the Cessionary desires to receive such transfer;
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties hereto agree as follows:
1. Transfer of Ownership. The Cedent, for good and valuable consideration, hereby transfers, assigns, and sets over unto the Cessionary all of its rights, title, and interest in and to the asset described above.
2. Warranties. The Cedent warrants and represents that it is the legal and rightful owner of the said asset, free and clear of any liens, claims, or encumbrances.
3. Indemnification. The Cedent agrees to indemnify and hold harmless the Cessionary from and against any and all claims, damages, and expenses arising out of any breach of the foregoing warranty.
4. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the state of [insert governing state].
5. Entire Agreement. This Agreement constitutes the entire understanding between the parties, and supersedes all prior negotiations, understandings, and agreements between the parties, whether written or oral.
6. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, and assigns.
IN WITNESS WHEREOF, the parties hereto have executed this Cession Agreement as of the date first above written.
[Insert name of Cedent]
[Insert signature of Cedent]
[Insert name of Cessionary]
[Insert signature of Cessionary]