Contract Template Assignment Of Court Action

PandaTip: This is an agreement for the transfer of shares (or stocks). This share transfer agreement template is suitable for the transfer of shares in both private and public companies and can be used in place of a stock transfer form, or in addition to one. This share transfer agreement can also be amended to include any special terms connected with the transfer which would not be possible with a stock transfer form and is suitable for the transfer of shares in more than one company as well as multiple classes of shares.

Share Transfer Agreement Template

This share transfer Agreement (the “Agreement”) sets out the terms and conditions upon which [TRANSFEROR NAME] (the “Transferor”), being a Company duly registered under the laws of [STATE] with registered number [REGISTERED NUMBER] and having its registered address at [REGISTERED ADDRESS], will transfer certain shares held by him to [TRANSFEREE NAME] (the “Transferee”), being a Company duly registered under the laws of [STATE] with registered number [REGISTERED NUMBER] and having its registered address at [REGISTERED ADDRESS] (together, the “Parties”).

PandaTip:If the Transferor or Transferee are natural people (rather than companies) then you should amend the above clause like this: “[TRANSFEROR NAME] (the “Transferor”) holder of [TRANSFEROR ID DOCUMENT] number [TRANSFEROR ID NUMBER] and residing at [TRANSFEROR ADDRESS].”

PandaTip: If the shares being transferred are being sold then the ‘Transferor’ means the seller and the ‘Transferee’ means the buyer.

WHEREAS, the Transferor is the registered proprietor of those shares or stocks set out in Schedule A (the “Shares”).

WHEREAS, the Transferor is desirous of transferring the Shares to the Transferee on such terms as are set out throughout this share transfer Agreement.

WHEREAS, the Transferee for his part is desirous of acquiring the Shares on such terms as are set out in this share transfer Agreement.

NOW, THEREFORE, IT IS HEREBY AGREED as follows:

1. TRANSFER OF SHARES It is agreed that:

1.1 the Transferor transfers absolutely all title over the Shares to the Transferee in consideration of that amount set out in clause 2.

1.2 the transfer is absolute and includes all rights and obligations connected to the Shares including but not limited to all rights to dividends, capital and voting rights and for avoidance of doubt any dividends which are due but not yet paid will become due and be paid to the Transferee.

1.3 the transfer is effective on the execution of this share transfer Agreement and payment of the amount set out in clause 2.

2. TRANSFER PRICE It is agreed that the Shares shall be transferred for the price of [PRICE].

PandaTip: Add in the cost here. If the shares are being transferred as a gift then you should list 10 USD as the cost. This is because in many states and countries a contract requires some detriment or loss on behalf of both Parties (even though it may be a nominal amount).

3. COST OF TRANSFER It is agreed that the cost of registering the transfer of the Shares (if any) will be borne by the Transferee.

PandaTip: Sometimes companies charge a fee for transferring shares and issuing new share certificates, it is likely to be under 50 USD but you may wish to check this out first. If you wish this cost to be borne by the Transferor or shared between the two Parties then you can amend the above clause.

4. EFFECT OF LACK OF FORMALITY It is agreed that should the envisaged transfer of shares fail to be effective due to a lack of formality (including but not limited to a failure to register the transfer correctly in the registers of the company or due to a refusal by the directors of the company whose Shares are being transferred) then the effect shall be the transfer of all beneficial interest in the Shares to the Transferee by the creation of a trust in favour of the Transferee as beneficiary in which the Shares comprise the subject, and the Transferor is the trustee.

5. WARRANTIES AND INDEMNITIES It is agreed that:

5.1 The Transferor warrants that he is the true owner of the Shares and is absolutely entitled to all of their benefit.

5.2 The Transferor warrants that he is not acting as a nominee or trustee and that no other rights exist in connection with the Shares.

5.3 The Transferor warrants that no charge or other obligation exists over the shares whether or not registered and they are completely unencumbered (excepting any obligation to payment of capital in the case of part paid shares).

5.4 Each Party hereby declares that they have all necessary powers and approvals to enter into this share transfer Agreement.

5.5 Each Party hereby declares that they are not aware of any matter within their control which might have any negative or adverse effect upon the performance of their obligations under this share transfer Agreement.

5.6 The rights, benefits, liabilities and responsibilities contained within the terms of this share transfer Agreement can be assigned by any Party with the prior written agreement of the other Party.

5.7 Any delay or failure to enforce the terms of this share transfer Agreement and any delay to act on a breach of its term by any party does not constitute a waiver of those rights.

5.8 Each Party hereby warrants that they will not do any action which might harm, hinder or negatively affect the duties of the other Party set out within this share transfer Agreement.

5.9 The Parties hereby irrevocably warrant that they accept the exclusive jurisdiction laws and courts of that jurisdiction set out in clause 8 below.

5.10 Except if it is clear from the wording of a clause and with regard to the whole of the share transfer Agreement that a specific clause is intended to mean otherwise than: any words which are in the singular only will be deemed to include the plural (and vice versa) and any words denoted in a specific gender will be deemed to include all genders and any terms which denote any form of person or people shall be deemed to include both legal persons (such as companies) as well as natural person (and vice versa).

5.11 The heading titles contained within in this share transfer Agreement are included as an drafting reference only and for ease of reference, they do not comprise part of the share transfer Agreement.

5.12 This share transfer Agreement may be executed in more than one language by agreement between the Parties and if there arises some conflict between the various translation of this share transfer Agreement then the English version shall prevail.

5.13 In the event that any clause (or any part of any clause) shall be deemed to be illegal or invalid by a competent court or other legal authority then this shall have the effect of invalidity and striking out only that clause (or any part of any clause) only and shall not invalidate this share transfer Agreement in its entirety.

5.14 This share transfer Agreement can be executed either in one original or in more than one counterpart.

5.15 This share transfer Agreement is binding on both Parties by virtue of the conduct of both parties and in spite of any defect or error in the formality of its execution.

5.16 The Transferor hereby irrevocably indemnifies and agrees to keep indemnified and hold harmless the Transferee against any and all losses howsoever caused arising from a breach of the warranties or other terms of this share transfer Agreement.

6. VARIATION This share transfer Agreement may be varied and any variation must be made in writing by both Parties.

7. NOTICES Notices served pursuant to any term of this share transfer Agreement must be served in writing and will be served only if it handed from one Party to another in person or if delivered to the address for service of the Party in question. Notices may only be served and delivered in English.

8. GOVERNING LAW, DISPUTES AND ARBITRATION It is agreed that:

8.1 This share transfer Agreement is made under the exclusive jurisdiction of the laws of [STATE AND COUNTRY].

8.2 Disputes under this share transfer Agreement are subject to the exclusive jurisdiction of the courts of [STATE AND COUNTRY].

8.3 Notwithstanding the terms of 8.2 both Parties agree that in the event of a dispute they will enter into arbitration before the International Chamber of Commerce before a single arbitrator whose decision shall be final.

PandaTip: If you do not wish to include the right to arbitration, or if you wish to choose a different arbitrator then you can amend or remove this clause. Arbitration sometimes serves to demonstrate that in the event of a dispute the Parties must attend a private arbitration hearing and cannot use the threat of legal action to force the other Party’s hand.

IN WITNESS WHEREOF, each of the Parties has executed this share transfer Agreement:

[TRANSFEROR]

_________________________________    ______________

[NAME], Contract Template Assignment Of Court Action | Невероятно, но факт.                                           DATE

[TRANSFERE]

_________________________________    ______________

[NAME], дело! Contract Template Assignment Of Court Action | Невероятно, но факт.                                           DATE

Schedule A (the Shares)

The following shall comprise the Shares:

[SCHEDULE A]

PandaTip: This schedule should include all the shares or stocks being transferred under this share transfer agreement. If shares or stocks in more than one company are being transferred they should each have their own row in a table like the one below. You should set out the shares being transferred in as much detail as possible. Try to include the class of shares, the face value of the shares and whether or not they are paid up. We include some examples below:

PandaTip: WARNING! The transfer of partly paid shares (less than 100%) creates an obligation on the transferee and is the same as transferring a debt. In the last example (Acorn Trading) the receipt of these shares would create a 9,000 dollar obligation on the new shareholder.

PandaTip: You may wish to initial the pages in this agreement to ensure that the schedule could not be changed later.

Name and Address of Company

Number of Shares

Class of Shares

Face Value

%Paid Up

Those Securities Numbered

ABC Corporation Inc
Registered #: 123456

123 Main Street
Delaware
USA

1,040

Ordinary

1 USD each

100%

1-1040

XYZ Holding Corp Ltd
Registered #: 123456

Level 12
Company House

140-150 North Street

Tortuga, BVI

10,000

Preference

1 USD each

100%

20,001 to 30,000

Acorn Trading Inc
Registered #: 123456
British House

Thames Embankment
London, England

10

Ordinary

1,000 USD each

10%

1 to 10

Before commencing proceedings in court, notice of intention to sue should be given to the other party (this does not apply in relation to a counterclaim, a third party claim, a claim for non compliance with an , or a claim under the Worker's Liens Act 1893 (SA)). This notice gives the other party 21 days in which to try and resolve the matter or seek mediation.

If no notice of intention to sue is given, the filing fee (the amount you pay the Court to lodge the claim) will not be recoverable, even if the action is eventually successful.

Notice of intention to sue can be given by EITHER filling out and serving a Final Notice of Claim (Form 1A) OR sending a Letter of Demand.

Final Notice of Claim

A Final Notice of Claim gives notice to the defendant of the nature of your claim and that you intend to start an action against them (see below for information specific to personal injury claims). This form can be obtained from the Magistrates Court Registry or over the Internet. There is a cost for the form ($21.10 if filed using the online portal; $51.00 if filed through the Court Registry). You can also use the online pre-lodgement system.

If you are willing to accept payment in instalments, you can send an Enforceable Payment Agreement with the Final Notice of Claim. For more information, see Enforceable Payment Agreements.

After serving the form on the defendant, you must wait a minimum 21 days for a response before taking any further action.

If you use Form 1A to give notice of your claim, the free mediation service provided by the Magistrates Court may be used to resolve the matter, if both parties agree to attend. Information about the option to use mediation is given to the defendant on the Form 1A. You can also get more information about the Mediation Service from the Court on 8204 2444.

If you want to try to resolve the claim informally, ask the Mediation Unit to approach the other side for you to see if they are willing to participate. Remember that mediation is not compulsory and there is no way to force someone to participate if they do not want to.

Service of the Final Notice of Claim

You must post the form yourself - the court will not do it for you. There are two ways you can serve a Final Notice of Claim or letter of demand:

Keep a copy of the document and make a record of the date it was sent. A posted document is assumed to have been received by the person it is addressed to.

Registered Post is where the addressee must sign for receipt of the document. You can organise and pay for your document to be sent by Registered Post at any post office. While using Registered Post shows that the letter was sent, it is not strictly necessary.

Letter of Demand

A letter of demand is a formal request that the defendant accept your claim. A letter of demand can be used instead of a Final Notice of Claim and must include:

  • the date the letter was written
  • the amount owed, or action required
  • why the debt is owed (for example, there was a contract, or services were provided) or why the action is required
  • a demand for payment or action within 21 days from the date of the letter
  • a statement that you intend to take legal action if the money is not paid or there is no action within 21 days
  • copies of agreements or invoices when applicable
  • a warning that the Court can order the defendant to pay the costs of any legal proceedings.

You may wish to include information about the defendant's options, for example going to mediation. Note that the Magistrates Court's free mediation service is not available unless you use Form 1A to give notice of your intention to sue. However, you may use free community mediation services to resolve the matter.

Below is a sample letter of demand for a debt (for other types of disputes, please seek legal advice):

Dear [put the name of the other person here],

I enclose a copy of my invoice [provide details of invoice number, date, amount and what it is for]; which remains unpaid.

Please arrange payment of the above amount within 21 days of the date of this letter. If I do not receive payment I intend to commence legal proceedings to recover the debt and my legal costs.

Yours sincerely

*************************************************************************************************************************************************

Service of Letter of Demand

This letter does not have to be filed in the court, and can be sent directly to the defendant by regular post or it can be given personally to the defendant. The plaintiff should keep a copy of the letter.

Personal Injury Matters

Note that in an action for damages for personal injuries notice of the claim must be given at least 90 days before the filing of the claim and must be given to the defendant’s insurer if the identity of the insurer is known to the intended plaintiff. This notice must include notice of any intended claim for past and future economic loss and be supported by documents including medical reports setting out the nature and extent of the plaintiff’s injuries and residual disabilities as known to the plaintiff at the time of the giving of the notice.

Giving notice of intention to sue

Giving notice of intention to sue  :  Last Revised: Thu Jun 29th 2017
The content of the Law Handbook is made available as a public service for information purposes only and should not be relied upon as a substitute for legal advice. See Disclaimer for details. For free and confidential legal advice in South Australia call 1300 366 424.

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