Assignment Contracts

Applicable law The assignment of contracts that involve the provision of services is governed by common law in the "Second Restatement of Contracts" (the "Restatement").

The Restatement is a non-binding authority in all of U.

CONTRACT ASSIGNMENT For good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged by the parties hereto, ______________________(hereinafter “Assignor”) assigns, sells, conveys, and transfers all of Assignor’s interest to_____________________________ (hereinafter “Assignee”) in the contract(s) described as follows: 2.________________________________________________________________________________________ 3.________________________________________________________________________________________ 4.________________________________________________________________________________________ Assignor agrees that all rights and obligations of Assignor arising under the above listed contract(s) or otherwise by law or by the existence of conditions precedent, which may or may not have occurred as of the date of this Assignment, are hereby included in this Assignment and Assignee hereby agrees to accept same as if Assignee was an original party to the aforesaid contract(s).

Assignor represents and warrants that the interest of Assignor in the contract(s) subject to this Assignment is free of liens, claims or encumbrances of any kind by third parties, except the following: (list encumbrances if applicable.) Assignee agrees to hold harmless and indemnify Assignor for such liens, claims or encumbrances of any kind to which the above listed contracts are subject and which have disclosed and described by Assignor hereinabove.

A good example of this is a commercial property lease.

It would be very dangerous for a landlord not to restrict assignment of a lease, since the tenant could then assign to a new tenant who is completely unsuitable and not as financially sound as the original tenant.The Assignor who was a Party to the original contract can use this document to assign their rights under the original contract to the Assignee, as well as delegating their duties under the original contract to that Assignee.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.So, the ice sculptor’s assignment of your contract will generally be honored unless it is expressly prohibited by the contract or it is viewed as personal in nature.Absent any mention of assignability in the contract, the presumption is that the contract is assignable.0 comments Let’s say that you are planning your wedding reception and you contracted with a particular ice sculptor because of his demonstrated ability to sculpt intricate, life-size ice replicas of the newlywedded couple. If that accomplished ice sculptor later wants to outsource his contractual responsibility to another ice sculptor—who does not have a similar people-sculpting portfolio—what do you do?What your contracted ice sculptor is trying to do is assign his contractual responsibilities.Assignment of contract is when one party, the assignor, wants to transfer its rights or obligations under the contract to a third party, the assignee.Whether that assignment can happen will depend on whether there is an assignment clause within the contract in question.This Assignment shall be binding upon an dinure to the benefit of Assignor and Assignee and their respective affiliates, successors, assigns, heir and devisees and legal representatives.It is the intention of the parties that in the event a court of competent jurisdiction finds that any provision or portion of this Assignment is unenforceable for any reason, the balance and remainder of this Assignment shall remain effective and enforceable to the extent possible under the circumstances then existing.

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