Assumption of Risk on Proposed Name

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

Date

{{date}}

To Whom It May Concern

This Assumption of Risk on Proposed Name (hereinafter referred to as 'Agreement') is made and entered into on this {{date_of_agreement}} day of {{month_of_agreement}}, {{year_of_agreement}}, by and between:

Party A (The Proposing Party)

Full Legal Name: {{proposing_party_name}}

Address: {{proposing_party_address}}

Identification/Registration Number: {{proposing_party_id_reg_no}}

Party B (The Advising Party)

Full Legal Name: {{advising_party_name}}

Address: {{advising_party_address}}

Identification/Registration Number: {{advising_party_id_reg_no}}

Proposed Name Details

The proposed name in question is: '{{proposed_name}}'.

Hereinafter referred to as 'the Proposed Name'.

The Proposed Name is intended for use in the following context/business: {{intended_use_of_name}}.

Acknowledgement of Advice and Potential Risks

Party A hereby acknowledges that Party B has advised them of certain potential risks, objections, or conflicts associated with the use of the Proposed Name. These risks may include, but are not limited to:

a. Potential infringement on existing trademarks, trade names, or intellectual property rights of third parties.

b. Risk of legal disputes, including litigation, injunctions, or demands for damages.

c. Potential for confusion among consumers or the public.

d. Possible refusal of registration by relevant authorities (e.g., CIPC for company names, intellectual property offices for trademarks).

e. Financial liabilities, including legal fees, settlement costs, or penalties.

Party A confirms that they have been given ample opportunity to understand these risks and have had the opportunity to seek independent legal advice regarding the same. Party A further confirms that, despite the aforementioned advice and potential risks, they elect to proceed with the use of the Proposed Name.

Assumption of Risk and Indemnity

Party A, therefore, voluntarily and unequivocally assumes all risks, liabilities, losses, damages, costs, and expenses (including, but not limited to, legal fees on an attorney-and-own-client scale) that may arise directly or indirectly from the selection, use, or attempted registration of the Proposed Name. Party A agrees to indemnify, defend, and hold harmless Party B, its directors, officers, employees, and agents from and against any and all claims, demands, suits, actions, proceedings, judgments, assessments, and expenses arising out of or relating to Party A's use of the Proposed Name, including any claims by third parties.

This indemnity shall apply regardless of whether the claims are founded in contract, delict, or any other cause of action, and shall survive the discontinuation of business or use of the Proposed Name by Party A.

Governing Law and Jurisdiction

This Agreement shall be governed by and construed in accordance with the laws of the Republic of South Africa. Any dispute arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the High Courts of South Africa.

Entire Agreement

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether written or oral.

Signature Block

IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

_______________________________

Signature: Party A

Name: {{proposing_party_name}}

Capacity: {{proposing_party_capacity}}

_______________________________

Signature: Party B (Acknowledging the provision of advice)

Name: {{advising_party_name}}

Capacity: {{advising_party_capacity}}

WITNESSES:

1. _______________________________

Name: {{witness_1_name}}

Address: {{witness_1_address}}

2. _______________________________

Name: {{witness_2_name}}

Address: {{witness_2_address}}