An assignment of contract occurs when one party to an existing contract (the “assignor”) hands off the contract’s obligations and benefits to another party (the “assignee”). Ideally, the assignor wants the assignee to step into his shoes and assume all of his contractual obligations and rights, in exchange for an assignment fee.
For example, a nanny who as contracted with a family to watch their children but is no longer able to due to a move could assign their rights and responsibilities under the original service contract to a new childcare provider.
How to use this document
Prior to using this document, the original contract is consulted to be sure that an assignment is not
prohibited and that any necessary permissions from the other Party to the original contract, known as the Obligor, have been obtained. Once this has been done, the document can be used. The Agreement contains important information such as the identities of all parties to the Agreement and the expiration date (if any) of the original contract.
If the Agreement involves the transfer of land from one Party to another, the document will include information about where the property is located, as well as space for the document to be recorded in the county’s official records, and a notary page customized for the land’s location so that the document can be notarized.
Once the document has been completed, it is signed, dated, and copies are given to all concerned parties and the Title Company.