Pennsylvania Asset Purchase and Assumption of Liabilities Agreement

• Category: Contracts - Assumptions
• State: Multi-State
• Control #: US-C-A-99881-1
• Format: Word; Rich Text

Description

This form is an example of an Asset Purchase and Assumption of Liabilities Agreement. An assumption agreement, sometimes called an assignment and assumption agreement, is a legal document that allows one party to transfer rights and/or obligations to another party. It allows one party to "assume" the rights and responsibilities of the other party. When a company purchases the assets of another company, the general rule is that all debts and liabilities of the selling company will remain with it and are not assumed by the buying company; unless the form means an exception.