Transfers and assignments

(1) An application for approval to assign, encumber or transfer any contract, or any rights or obligations arising out of a contract, shall be made in writing to the Minister, and every such application shall include18 Petroleum (a) the name and nationality of the proposed assignee or transferee, and, in the case of a corporate assignee or transferee, the place of its incorporation and principal place of business; (b) evidence of the proposed assignee’s or transferee’s technical and financial ability to assume and undertake the work obligations and other commitments set forth in the contract concerned; (c) an unconditional written undertaking by the assignee or transferee to assume all the obligations assigned and transferred by the transferor or assignor under the contract; and (d) such other particulars as the Minister may reasonably require. (2) In addition to any information required under subregulation (1) above the contractor may be requested, before the application is disposed of, to submit further relevant information within a specified reasonable time, and where such further information is not supplied within the time specified, the application shall be deemed to have been withdrawn. (3) The assignment, encumbrance or transfer of any contract or interest therein shall not affect any liability of the transferor or assignor incurred before the date upon which such assignment, encumbrance or transfer takes effect, nor, unless a contract otherwise provides, shall it relieve the transferor or assignor from liability for the performance by the transferee or assignee of the obligations undertaken by the transferor or assignor at the time the contract was entered into. 19 Petroleum