Managing a construction project—developing or remodeling a residential or commercial space— is a stressful job. There are several essential things to consider to proceed with the project, such as…continue reading
34+ Sample Assignment of Contracts
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What Is an Assignment of Contract?
An assignment of contract happens when every obligation, property, or right stipulated in a contract will be assigned to a new party. To assign means one party (assignor) might plan to leave from an existing agreement or contract so that the role will be transferred to an incoming party (assignee). And assignments of contracts are common clauses found in general business contracts.
According to the US Patent and Trademark Office (USPTO), assigning contracts include intellectual properties like patent, trademark, or copyright.
What Are Examples of an Assignment of Contract?
The next time you create a business contract, you might need the assignment of contract clause. But what types or examples of assignments are acceptable in an assignment of contract? Although there are many properties, obligations, and rights to consider, the most common examples are in the following situations:
How to Make an Assignment of Contract
While assigning roles and obligations is the main priority in assignments of contracts, it does not mean that you ignore the importance of making the contract itself. Flawed contracts would still lessen the assignment of contract’s validity. So to create a proper assignment of contract, be sure to consider these steps:
Step 1: Review the Original Contract
Don’t hide the old contract. Check the original contract before assigning it for your review and reference. This step helps you remember your contract’s purpose, including its highlights. For example, is the contract concerned about real estate, intellectual property, title, or any topic? And you will eventually identify what is allowed and prohibited for the new assignees to consider.
Step 2: Identify the Parties Involved
You can easily copy the names and details of each party from the original contract. But new details are added in the assignment of contract, particularly in stating the assignee’s information. Write the complete and legal names because they will be involved in the contract as the rights, interests, benefits, and more are transferred later on.
Step 3: Specify the Assignments
The meat of any assignment of contract leads down to writing the assignments. Specify each assignment accurately and clearly. The key in writing down assignments is to answer the question of how. Indeed, you can jot down what roles, responsibilities, and other details in the contract. But how will they manage it? Keep it straightforward for clarity.
Step 4: Ensure All Parties to Sign the Contract
Formatting and designing contracts are standard. In fact, you won’t have to be concerned so much about that part since every sample assignment of contract above is premade. Add the finishing touches until you end it with the signature line. All parties must affix their signatures to confirm that there is consent, mutual understanding, and an agreement in everything written there.
Why is an assignment of contract important?
An assignment of contract is essential to make the transferring of roles in an existing contract official. You won’t just hand rights and obligations to another party without notice or the other party’s consent. Maybe the new assignee still has a lot to learn from the given assignments so the contract should help prevent confusion. More so, the assignment of contract is one of the common solutions to use when an assignor plans to leave a contract so at least someone else takes the role in the future.
Can assignments be not enforced?
Yes, assignments may not be enforced. And common situations for that are:
- The contract itself prohibits the assignment.
- The assignment is altered and already different from what to expect.
- The assignment violates any policy or law.
Is assigning a contract the same as novating a contract?
No, they are not the same. Novation transfers the obligations and benefits of a contract to another party. Meanwhile, assignments do not need to transfer the contract’s burden. The assignor or outgoing party may still be liable for any previous payment or liability before the assignment took place.
Clearly, an assignment of contract is a necessary clause for contract forms when transferring or assigning obligations is a matter of concern. The process is simple—examine a contract, execute assignments, and notify all parties. And it even gets easier with sample templates of assignments of contracts available, as seen above. Download now!