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Assignment Agreement Template
Use our assignment agreement to transfer contractual obligations.
Updated February 1, 2024 Written by Josh Sainsbury | Reviewed by Brooke Davis
An assignment agreement is a legal document that transfers rights, responsibilities, and benefits from one party (the “assignor”) to another (the “assignee”). You can use it to reassign debt, real estate, intellectual property, leases, insurance policies, and government contracts.
What Is an Assignment Agreement?
What to include in an assignment agreement, how to assign a contract, how to write an assignment agreement, assignment agreement sample.
Partnership Interest
An assignment agreement effectively transfers the rights and obligations of a person or entity under an initial contract to another. The original party is the assignor, and the assignee takes on the contract’s duties and benefits.
It’s often a requirement to let the other party in the original deal know the contract is being transferred. It’s essential to create this form thoughtfully, as a poorly written assignment agreement may leave the assignor obligated to certain aspects of the deal.
The most common use of an assignment agreement occurs when the assignor no longer can or wants to continue with a contract. Instead of leaving the initial party or breaking the agreement, the assignor can transfer the contract to another individual or entity.
For example, imagine a small residential trash collection service plans to close its operations. Before it closes, the business brokers a deal to send its accounts to a curbside pickup company providing similar services. After notifying account holders, the latter company continues the service while receiving payment.
Create a thorough assignment agreement by including the following information:
- Effective Date: The document must indicate when the transfer of rights and obligations occurs.
- Parties: Include the full name and address of the assignor, assignee, and obligor (if required).
- Assignment: Provide details that identify the original contract being assigned.
- Third-Party Approval: If the initial contract requires the approval of the obligor, note the date the approval was received.
- Signatures: Both parties must sign and date the printed assignment contract template once completed. If a notary is required, wait until you are in the presence of the official and present identification before signing. Failure to do so may result in having to redo the assignment contract.
Review the Contract Terms
Carefully review the terms of the existing contract. Some contracts may have specific provisions regarding assignment. Check for any restrictions or requirements related to assigning the contract.
Check for Anti-Assignment Clauses
Some contracts include anti-assignment clauses that prohibit or restrict the ability to assign the contract without the consent of the other party. If there’s such a clause, you may need the consent of the original parties to proceed.
Determine Assignability
Ensure that the contract is assignable. Some contracts, especially those involving personal services or unique skills, may not be assignable without the other party’s agreement.
Get Consent from the Other Party (if Required)
If the contract includes an anti-assignment clause or requires consent for assignment, seek written consent from the other party. This can often be done through a formal amendment to the contract.
Prepare an Assignment Agreement
Draft an assignment agreement that clearly outlines the transfer of rights and obligations from the assignor (the party assigning the contract) to the assignee (the party receiving the assignment). Include details such as the names of the parties, the effective date of the assignment, and the specific rights and obligations being transferred.
Include Original Contract Information
Attach a copy of the original contract or reference its key terms in the assignment agreement. This helps in clearly identifying the contract being assigned.
Execution of the Assignment Agreement
Both the assignor and assignee should sign the assignment agreement. Signatures should be notarized if required by the contract or local laws.
Notice to the Other Party
Provide notice of the assignment to the non-assigning party. This can be done formally through a letter or as specified in the contract.
File the Assignment
File the assignment agreement with the appropriate parties or entities as required. This may include filing with the original contracting party or relevant government authorities.
Communicate with Third Parties
Inform any relevant third parties, such as suppliers, customers, or service providers, about the assignment to ensure a smooth transition.
Keep Copies for Records
Keep copies of the assignment agreement, original contract, and any related communications for your records.
Here’s a list of steps on how to write an assignment agreement:
Step 1 – List the Assignor’s and Assignee’s Details
List all of the pertinent information regarding the parties involved in the transfer. This information includes their full names, addresses, phone numbers, and other relevant contact information.
This step clarifies who’s transferring the initial contract and who will take on its responsibilities.
Step 2 – Provide Original Contract Information
Describing and identifying the contract that is effectively being reassigned is essential. This step avoids any confusion after the transfer has been completed.
Step 3 – State the Consideration
Provide accurate information regarding the amount the assignee pays to assume the contract. This figure should include taxes and any relevant peripheral expenses. If the assignee will pay the consideration over a period, indicate the method and installments.
Step 4 – Provide Any Terms and Conditions
The terms and conditions of any agreement are crucial to a smooth transaction. You must cover issues such as dispute resolution, governing law, obligor approval, and any relevant clauses.
Step 5 – Obtain Signatures
Both parties must sign the agreement to ensure it is legally binding and that they have read and understood the contract. If a notary is required, wait to sign off in their presence.
Related Documents
- Sales and Purchase Agreement : Outlines the terms and conditions of an item sale.
- Business Contract : An agreement in which each party agrees to an exchange, typically involving money, goods, or services.
- Lease/Rental Agreement : A lease agreement is a written document that officially recognizes a legally binding relationship between two parties—a landlord and a tenant.
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Debt Assignment and Assumption Agreement
A Debt Assignment and Assumption Agreement is a very simple document whereby one party assigns their debt to another party, and the other party agrees to take that debt on. The party that is assigning the debt is the original debtor; they are called the assignor. The party that is assuming the debt is the new debtor; they are called the assignee.
The debt is owed to a creditor.
This document is different than a Debt Settlement Agreement , because there, the original debtor has paid back all of the debt and is now free and clear. Here, the debt still stands, but it will just be owed to the creditor by another party.
This is also different than a Debt Acknowledgment Form , because there, the original debtor is simply signing a document acknowledging their debt.
How to use this document
This document is extremely short and to-the-point. It contains just the identities of the parties, the terms of the debt, the debt amount, and the signatures. It is auto-populated with some important contract terms to make this a complete agreement.
When this document is filled out, it should be printed, signed by the assignor and the creditor, and then signed by the assignee in front of a notary. It is important to have the assignee's signature notarized, because that is the party that is taking on the debt.
Applicable law
Debt Assignment and Assumption Agreements are generally covered by the state law where the debt was originally incurred.
How to modify the template
You fill out a form. The document is created before your eyes as you respond to the questions.
At the end, you receive it in Word and PDF formats. You can modify it and reuse it.
Debt Assignment and Assumption Agreement - FREE
Country: United States
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