Free Agreement Assignment

This agreement assigns a party’s (referred to as the Assignor) rights and obligations under an existing agreement to another party (referred to as the Assignee).

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Suppose you have a contract with a company to redesign several offices, but, for whatever reason, you are not able to completely fulfill the contract. But you have a friend/colleague who is willing and able to step in. The next thing for you to do is “assign” the contract to the other party with an Agreement Assignment.

Using an Agreement Assignment keeps everyone involved in the contract, from you to the new contractor to the client, in the loop and clear about all of the expectations and responsibilities that need to be handled. The Agreement Assignment also allows you to assign parts of a contract, in the event that you simply need to hire a subcontractor to help you.

Frequently Asked Questions

An agreement assignment is a legally binding document that assigns part or all of an existing to another party.

You may want to use an assignment if you are assigning your rights and obligations under an existing agreement to another party or if you are assuming the rights and obligations of another party’s agreement. By memorializing the assignment in a written agreement, you may avoid disputes over the contract in the future.

No. Some agreements contain clauses that prohibit its assignability. Other agreements require affirmative consent from the non-assigning party. Before you attempt to assign agreement rights, be sure to read through the original agreement thoroughly to determine whether you are allowed to assign those rights in the first place.

  • Original Agreement - To create this Assignment, you will need to provide the name and effective date of the Original Agreement.
    • Original Agreement as Attachment: You may consider attaching the Original Agreement to the assignment so the Assignee will be fully aware of the terms and conditions that have been assigned to them.
  • Assignor Details - The assignor is the person or entity that is assigning their rights to an existing agreement to another person or entity. Provide the assignor’s name and the identity of the individual executing this agreement.
  • Assignee Details - The assignee is the person or entity that is receiving rights to an existing agreement from another person or entity. Provide the assignee’s name and the identity of the individual executing this agreement.
  • Third Party Details - In this context, Third Party refers to the other party to the Original Agreement. You will need to provide their name and specify whether they need to give consent under the terms of the Original Agreement.
  • Extent of the Assignment - Specify whether the assignor is assigning all of their rights and obligations under the Original Agreement, or only certain rights and obligations.
    • Indemnity Clause: An indemnity clause is a promise by the assignee that they will defend and hold harmless the assignor from and against all liability incurred as a result of the original agreement after the date of the assignment. This clause will be included if you chose to make a complete assignment of the Original Agreement.
  • Consideration - Consideration is something of value that is exchanged in to induce the formation of a contract. Here, it is whatever the Assignor is receiving in exchange for their position as a party to the original agreement.

Of the parties involved in the original contract, only the person assigning the contract to the other party (the assignor) needs to sign the assignment agreement. However, the original agreement may require the “Third Party’s” consent before assignment may be completed. Even if consent is not required, it is good business practice to make the “Third Party” aware of the change.

Generally, an agreement assignment does not need to be notarized – you only need to sign the document to make it legally enforceable. A witness may be helpful if the other party attempts to contest the document, but a notary is not necessary.

Please Note: The use of a notary ensures that no one challenges any signatures later and is a secure way to firmly establish the effectiveness of your document.

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