Agreement Assignment

An Agreement Assignment is used to transfer a contractual party’s duties and obligations to someone else or another company.

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After you enter into an agreement with an independent contractor, what can you do if they're not able to finish everything on time? Or maybe you are the contractor – what can you do if you have to outsource the work?

You can use an Agreement Assignment to transfer the work in the original contract to another party. This is done, hoping your business partner will be satisfied and you don't have to breach an agreement.

What Is an Agreement Assignment?

If you sign a contractual agreement with a person or company and can't fulfill the obligations and duties contained within, you can assign the contract in whole or in part to another party. Sometimes it makes more sense for you to outsource the work or have someone else do the job.

In that event, you would use an Agreement Assignment to do that, wherein you are the assignor, and the other party is the assignee. The only caveat, which should be evident to all, is that the assignment must not harm the contract's original party.

Before that, you have to make sure the original agreement allows for subsequent reassignments. If not, you will have to get permission from the other party. In any event, you are still on the hook to deliver after the assignment. You will always be liable unless you can pass it on to the assignee, all of which you can negotiate in the contract.

Other Names for Agreement Assignment

Depending on your state, an Agreement Assignment may also be known as:

  • Assignment and Assumption Agreement
  • Assignment of Contract
  • The Assignment of a Right or Obligation
  • Contract Assignment Agreement

Who Needs an Assignment Agreement?

Not every party assigning work to another party will need an Agreement Assignment. However, if you have an agreement in place and you have to get out of it, you should use an Agreement Assignment. As mentioned, you can also use an Agreement Assignment to outsource the work if you are the independent contractor or to find another contractor to do the job if you are the hirer.

Why Use 360 Legal Forms for Your Agreement Assignment?

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How to Create an Agreement Assignment with 360 Legal Forms?

The best way to create an Agreement Assignment is to use a template.

Let 360 Legal Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.

What Information Will I Need to Create My Agreement Assignment?

To create your document, please provide:

  • Original Contract Information: Reference the original contract, date, and purpose. You could attach the form if you wish.
  • Assignor Information: The name and address of the individual transferring the contractual duties.
  • Assignee Information: The name and address of the person receiving the contractual obligations from the assignor.
  • Third-Party Information: The name and address of the other party in the original contract. You could state if the original agreement allows assignment.
  • Extent of the Assignment: A full description of the duties being transferred. Describe if you are assigning the work in whole or in part.
  • Indemnity Clause: A standard waiver that the assignee will not hold the assignor liable if anything happens during the performance of duties assigned.
  • Consideration: Any benefits afforded the assignee for entering into the contract.

Agreement Assignment Terms

  • Assignor: The party transferring obligations and duties to the assignee.
  • Assignee: The party receiving responsibilities and tasks from the assignor.
  • Consideration: Anything of value the assignee receives for signing the Agreement Assignment.
  • Third-Party: In the context of an Agreement Assignment, the party entered into the original contract with the assignor.

An Agreement Assignment Signing Requirements

Before signing the Agreement Assignment, review it to make sure it is to your satisfaction. After that, both the assignor and assignee sign the document, but not the third party from the original contract.

What to Do with Your Agreement Assignment?

After signing the Agreement Assignment, both parties should receive a copy for safekeeping. Notarization is not required, nor do you need anyone to witness the signing of the signatures.

Frequently Asked Questions

If the original contract does not contain any terms that would prohibit you from assigning responsibilities to another party, then you don’t have to. However, some may consider it common courtesy to alert them that someone else or another company will be fulfilling the contract.

It is a good idea to include clauses about the governing law, indemnification, and future amendments. Moreover, the Agreement Assignment should contain the compensation and the extent of the assignment (a full or partial assignment of the contract).

Notarization is not required. But if you suspect that something might go wrong, getting it notarized can make the signatures harder to challenge in court in the future.

When you assign a contractual agreement to another party, you are assigning the whole shebang. On the other hand, delegation only transfers the responsibilities without the contractual rights. Think of it this way – after you signed a contractual agreement to renovate a house, you can go ahead and delegate some of the work to an electrician, a plumber, and other specialists, for whom you will create a separate contract. This is as opposed to you assigning part or all of the contract to another party.

If the original contract specifically forbids the assignment of obligations, you should not try to use an Agreement Assignment and get someone else to do the work. That is if you do not want to end up in a dispute. What you can do is try to get permission first.

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Applicable to all 50 states
Applicable to all 50 states

Our documents are vetted by lawyers and are applicable to all 50 states.