A contract assignment agreement is a binding document between two parties that sets out the terms of the assignment of a contract. It is typically used when one party wishes to assign their rights, responsibilities, obligations, and benefits under a contract to another party. Use this contract assignment agreement template to create a binding contract assignment agreement in minutes.
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.
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.
As an assignor, if you wish to assign only a part of the contract, you may do so. However, in case the original contract restricts partial assignments, the assignor may need to get the original contract party’s consent.
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.