Assignment of Contract


Overview
The Assignment of Contract is used to arrange for a party to a contract to transfer his or her interest to someone else.
Contract rights and obligations are in the nature of property.  This means that, like other kinds of property, they can be transferred to someone else.  

When You Need It
-If you have a contract which gives you rights that you wish to pass on to someone else.
-If you know of a contract that gives someone else rights you wish to have passed on to you. 

Getting Started
-Any party to a contract may assign his or her rights unless the contract prohibits the assignment, or the law prohibits the assignment.  
-Review the contract you wish to assign to see if you are allowed to make an assignment.
-You will need the name and address of the person assigning the contract.
-You will need the name and address of the person to whom the contract is being assigned.
-You will need the details of what is being assigned, the date of the original contract and the date the assignment is to take effect.

When to Review and Revise 
-If the agreement between the parties at any level has changed and the agreement requires an amendment.
-If you wish to terminate the assignment.

 

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