Current News & Events
June 2009
“BLP overturns case law regarding assignment of Papagayo concessions”
BLP Abogados scored a major victory for one of its clients when it convinced the Public Registry to record the assignment of concessions in Papagayo without the assignee’s signature in the notarial deed of the assignment agreement.
Concessions are assigned by means of an assignment agreement entered into between the assignor, the assignee and the Instituto Costarricense de Turismo (ICT). This assignment has to be approved by the ICT’s Board of Directors. After the approval, usually, the parties involved in the assignment agreement were requested to enter into a new agreement in a notarial deed and file it for registration. This procedure was inconsistent with the assignment requirements set by the Costa Rican law.
In order to protect one of its client’s interests when faced with the negative of the assignor to sign the final deed, BLP persuaded the ICT and the Public Registry to change their requirements and record the assignment with the notarial deed of the original assignment agreement entered into by the parties and approved by the ICT Board of Directors, thus eliminating a unfair practice that could harm assignees.
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