Assignment of Contract
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About this Form
An assignment of contract transfers all rights and obligations of a contract from one party to another. One can use this form in various situations. For example, a real estate investor may assign a purchase contract for a property to another investor, or a business may assign a contract to purchase goods or services to a third party. The critical characteristic of an assignment of contract document is that it transfers the rights and obligations of the original contract to a third party without altering the original contract's terms.
An assignment of contract transfers all rights and obligations of a contract from one party to another. One can use this form in various situations. For example, a real estate investor may assign a purchase contract for a property to another investor, or a business may assign a contract to purchase goods or services to a third party. The critical characteristic of an assignment of contract document is that it transfers the rights and obligations of the original contract to a third party without altering the original contract's terms.
Assignment of Contract
FOR VALUE RECEIVED,____________________________, the undersigned Assignor ("Assignor") hereby assigns, transfers and sets over to ____________________________ ("Assignee") all rights, title and interest held by the Assignor in and to the following described contract:
The Assignor warrants and represents that said contract is in full force and effect and is fully assignable.
The Assignee hereby assumes and agrees to perform all the remaining and executory obligations of the Assignor under the contract and agrees to indemnify and hold the Assignor harmless from any claim or demand resulting from non-performance by the Assignee.
The Assignee shall be entitled to all monies remaining to be paid under the contract, which rights are also assigned hereunder.
The Assignor warrants that the contract is without modification, and remains on the terms contained.
The Assignor further warrants that it has full right and authority to transfer said contract and that the contract rights herein transferred are free of lien, encumbrance or adverse claim.
This assignment shall be binding upon and inure to the benefit of the parties, their successors and assigns.
Signed this _________ day of ______________________________, 20_____.
____________________________
Assignor's Signature
____________________________
Assignor's Printed Name
____________________________
Assignee's Signature
____________________________
Assignee's Printed Name
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