What is the purpose of an assignment agreement?

An assignment agreement’s purpose is to outline an assignment’s terms between two parties (assignor and assignee). This agreement can be used for various assignments, including the assignment of one party’s interest in a contract to another party, property rights, or intellectual property rights.

What should a contract assignment agreement include?

At a minimum, a contract assignment agreement should include the following: Names, addresses and contact information of the assignor and the assignee. Terms and conditions of the assignment, including any limitations or restrictions on the assignee’s use — or enjoyment of the right, interest, or benefit. The date on which the assignment is to take effect. Signature of the assignor, the assignee, and any other pertinent information as needed.

What is a Contract Assignment Agreement?

A contract assignment agreement is a legally binding document between two parties, in which one party assigns their rights, benefits and obligations under a contract to the other party. The assignment can be of the entire contract or just part of it. The agreement should state what rights, benefits and obligations are being assigned and if the original contract is still in effect or has been terminated.

How do you write a Contract Assignment Agreement?

You can use our free template to get started if you need help writing a contract assignment agreement. Just enter the information for your specific situation and the contract will be ready in minutes .

Are contract assignments legal?

Yes, contract assignments are legal as long as they comply with state and federal laws. Assignment of the contract defines when a contract assignee wants to transfer their rights, benefits and obligations to another party.

Prepared by:

[Assignor.FirstName][Assignor.LastName]

[Assignor.Phone][Assignor.Email]

[Assignor.StreetAddress][Assignor.City][Assignor.State][Assignor.PostalCode]

Contract Assignment Agreement Template

Prepared for:

[Assignee.FirstName][Assignee.LastName]

[Assignee.Company]

[Assignee.Phone]

[Assignee.Email]

[Assignee.StreetAddress][Assignee.City][Assignee.State][Assignee.PostalCode]

This Contract Assignment Agreement (hereinafter referred to as the "Agreement") made and entered on [Document.CreatedDate], by and between:

Name: [Assignor.FirstName][Assignor.LastName][Assignor.Company] (hereinafter referred to as "Assignor"), and

Name: [Assignee.FirstName][Assignee.LastName][Assignee.Company] (hereinafter referred to as "Assignee"), and

Assignor and Assignee are hereinafter referred to as “Parties” collectively in this Agreement.

Recitals

A. Assignor assigns and transfers the Assignee all of its rights, title, and interest in and to the contract, named (insert name of the original contract) (hereinafter referred to as the "Contract"), dated (insert date of the original contract), and expires on (insert the date when the original contract expires).

In consideration for the assignment, the Assignee will pay the Assignor the sum of (insert amount).

B. Assignor desires to assign the Contract to Assignee and Assignee desires to accept the assignment of the Contract.

C. The terms of this Assignment Agreement shall supersede the terms of the original Contract to the extent that there is any conflict between the terms of the original Contract and the terms of this Assignment Agreement.

Conditions

This Agreement is subject to the following conditions:

Both Parties have all necessary rights and authority to enter into this Agreement and to assign the Contract to Assignee;
This Agreement does not and will not be construed to violate any agreement to which either the Assignor or the Assignee is a party or by which they are bound; and
Parties have had the opportunity to seek independent legal counsel prior to signing this Agreement and have either done so or have voluntarily waived their right to do so.

Indemnification

The Assignee agrees to indemnify and hold the Assignor harmless from and against any and all costs, losses, damages, claims, liabilities, and expenses (including reasonable attorneys' fees and costs) arising out of or in connection with any claims or suits based on allegations that arise.

Counterparts

This Agreement may be executed in counterparts (and by different Parties hereto on different counterparts), each of which shall be deemed an original, but all of which together shall constitute the same instrument.

Non-Transferability

Except as expressly provided in this Agreement, the rights and obligations of the Parties under this Agreement are not assignable or transferable, neither whole nor in part.

Termination

Subsequently, this Agreement may not be terminated except by mutual agreement of the Assignor and the Assignee. In the event of termination, any sums paid by Assignee to Assignor under this Agreement shall be reimbursed to Assignee within (insert number of days) of the termination of this Agreement.

Confidentiality

Assignee shall maintain all information regarding the Contract in the strictest confidence and shall not reveal such information to any person or entity without the express written consent of Assignor.

Governing Laws

This Agreement shall be governed by and construed under the laws of the State of [Assignor.State].

Agreed and Accepted

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date written below.

Signature

MM / DD / YYYY