A Standard Assignment of Contract is a legal document that transfers the rights and obligations of one party in a contract to another party. The contract may be for the sale of goods, services, or real estate, among other things. An assignment of contract is often used when one party wants to transfer their contractual rights or obligations to a third party.
The Standard Assignment of Contract document typically includes the names of the parties involved in the transaction, the terms of the original contract, and the specific rights and obligations being transferred. It also outlines any limitations or restrictions on the assignment, such as any consent required from the other party in the original contract.
By signing the assignment of contract, the assignor (the party transferring their rights and obligations) agrees to give up their rights and obligations under the original contract to the assignee (the party receiving the rights and obligations). The assignee agrees to assume all of the rights and obligations of the assignor under the original contract.
The Standard Assignment of Contract is a legally binding document and should be executed with care. It is important to ensure that all parties understand the terms of the assignment and that it is in compliance with any limitations or restrictions set forth in the original contract. Additionally, it may be necessary to obtain the consent of the other party in the original contract before completing the assignment.