Assignment on standard form of contract

Other Names: Assignment of Contract Contract Assignment Assignment Contract

What is an Assignment Agreement?

Sometimes you need some extra hands, and it's necessary to assign one of your contracts to another party. An Assignment Agreement can help you hand over contractual rights or responsibilities, while helping to protect your own legal rights and obligations.

An Assignment Agreement, sometimes called a Contract Assignment, allows you to assign your contractual rights and responsibilities to another party. For example, if you're a contractor who needs help completing a job, you can assign tasks and entitlements to a subcontractor, as long as the original contract doesn't forbid the assignment of these rights and duties. In your Assignment Agreement, you should include information like: the name of the person handing over contractual duties (called "the assignor"); the recipient of the contractual rights and obligations (called "the assignee"); the other party to the original contract (called "the obligor"); the name of the contract and its expiration date; whether the original contract requires the obligor's consent prior to assigning rights; when the obligor's consent was obtained; when the agreement will go into effect; and which state's laws will govern the agreement.

When to use an Assignment Agreement:

• You want to hand over your responsibilities under a contract to another person or business.
• Your business is assuming responsibilities or contracts owned by another party.

Sample Assignment Agreement

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Legally binding and enforceable