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What is an Assignment Agreement?
An Assignment Agreement, sometimes called a Contract Assignment, allows you to assign your contractual rights and responsibilities to another party. For example, if you're a contractor who needs help completing a job, you can assign tasks and entitlements to a subcontractor, as long as the original contract doesn't forbid the assignment of these rights and duties. In your Assignment Agreement, you should include information like: the name of the person handing over contractual duties (called "the assignor"); the recipient of the contractual rights and obligations (called "the assignee"); the other party to the original contract (called "the obligor"); the name of the contract and its expiration date; whether the original contract requires the obligor's consent prior to assigning rights; when the obligor's consent was obtained; when the agreement will go into effect; and which state's laws will govern the agreement.
When to use an Assignment Agreement:
- You want to hand over your responsibilities under a contract to another person or business.
- Your business is assuming responsibilities or contracts owned by another party.
Sample Assignment Agreement
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THIS SPACE PROVIDED FOR RECORDER'S USE
TO BE RECORDED IN:
This made this , by and between of , , hereinafter referred to as 'Assignor', and of , , hereinafter referred to as 'Assignee', in consideration of the mutual covenants herein contained and other good and valuable consideration, the sufficiency of which is hereby acknowledged, witnesseth:
WHEREAS, Assignor entered into a Contract, included as an attachment to this Agreement, namely hereinafter referred to as Contract with , hereinafter 'Obligor';
WHEREAS, the Contract has an expiration date of as may be extended as permitted therein;
WHEREAS, Assignor wishes to assign all of its rights and obligations under the Contract to Assignee; and
WHEREAS, the Contract the prior consent of the Obligor;
written
NOW THEREFORE, Assignor and Assignee agree as follows:
. Assignor and Assignee hereby agree that the Assignor shall assign all its right, title, and interest, and delegate all its obligations responsibilities and duties, in and to the Contract, to Assignee.
. Assignee hereby accepts the assignment of all of Assignors obligations responsibilities and duties under the Contract and all of Assignors right, title and interest in and to the Contract.
. Notwithstanding the foregoing, Assignor agrees to defend and indemnify the Obligor from any and all claims, actions, judgments, liabilities, proceedings and costs, including reasonable attorneys fees and other costs of defense and damages, resulting from Assignors performance prior to the assignment of the contract and resulting from Assignees performance after the assignment of the Contract, provided however, that after the assignment of the Contract the State shall first look to Assignee to satisfy all claims, actions, judgments, liabilities, proceedings and costs, including reasonable attorneys fees and other costs of defense and damages resulting from Assignees performance.
. Assignee agrees to indemnify the Obligor from any and all claims, actions, judgments, liabilities, proceedings and costs, including reasonable attorneys fees and other costs of defense and damages, resulting from Assignees performance after the assignment of the Contract.
. This Agreement is governed by the laws of the state of , without regard to 's conflict or choice of law provisions, and both parties expressly consent to jurisdiction in such courts.
IN WITNESS WHEREOF, the parties set their hands and seals as of the date first above written.
| ___________________________________ | ___________________________________ |
, COUNTY OF PARISH OF
On this _____ day of ____________________, _____, before me, ______________________________, the undersigned officer, personally appeared ______________________________, known to me (or proved to me on the oath of ______________________________) to be the person who is described in and who executed the within and foregoing Assignment of Land Contract, and being first duly sworn on oath according to law, deposes and says that he/she has read the foregoing Assignment of Land Contract subscribed by him/her, and that the matters stated herein are true to the best of his/her information, knowledge and belief.
Before me, a Notary Public (or justice of the peace) in and for said county, personally appeared the above named ______________________________, who acknowledged that he/she did sign the foregoing Assignment of Land Contract, and being first duly sworn on oath according to law, deposes and says that he/she has read the foregoing Assignment of Land Contract subscribed by him/her, and that the matters stated herein are true to the best of his/her information, knowledge and belief. In testimony whereof, I have hereunto subscribed my name at ________________________________, this _____ day of ____________________, _____.
The foregoing Assignment of Land Contract was acknowledged before me this _____ day of ____________________, _____, by ______________________________, who, being first duly sworn on oath according to law, deposes and says that he/she has read the foregoing Assignment of Land Contract subscribed by him/her, and that the matters stated herein are true to the best of his/her information, knowledge and belief.
The foregoing Assignment of Land Contract was acknowledged before me, by means of ☐ physical presence or ☐ online notarization, this _____ day of ____________________, _____ by ______________________________, who is personally known to me or who have produced ________________________________ as identification, and being first duly sworn on oath according to law, deposes and says that he/she has read the foregoing Assignment of Land Contract subscribed by him/her, and that the matters stated herein are true to the best of his/her information, knowledge and belief.
This Assignment of Land Contract was acknowledged before me on this _____ day of ____________________, _____ by ______________________________, who, being first duly sworn on oath according to law, deposes and says that he/she has read the foregoing Assignment of Land Contract subscribed by him/her, and that the matters stated herein are true to the best of his/her information, knowledge and belief.
On this _____ day of ____________________, _____, before me personally appeared ______________________________, to me known to be the person described in and who executed the foregoing Assignment of Land Contract, and, being first duly sworn on oath according to law, deposes and says that he/she has read the foregoing Assignment of Land Contract subscribed by him/her, and that the matters stated herein are true to the best of his/her information, knowledge and belief.
On this _____ day of ____________________, _____, before me, ________________________________, personally appeared ______________________________, known to me (or satisfactorily proven) to be the persons whose names are subscribed to the within Assignment of Land Contract, and, being first duly sworn on oath according to law, deposes and says that he/she has read the foregoing Assignment of Land Contract subscribed by him/her, and that the matters stated herein are true to the best of his/her information, knowledge and belief.
On this _____ day of ____________________, _____, before me, the undersigned, Notary Public for the State of Vermont, personally appeared ______________________________, to me known (or to me proved) to be the identical person named in and who executed the above Assignment of Land Contract, who, being first duly sworn on oath according to law, deposes and says that he/she has read the foregoing Assignment of Land Contract subscribed by him/her, and that the matters stated herein are true to the best of his/her information, knowledge and belief.
The foregoing instrument was acknowledged before me this _____ day of ____________________, _____, by ______________________________, who, being first duly sworn on oath according to law, deposes and says that he/she has read the foregoing Assignment of Land Contract subscribed by him/her, and that the matters stated herein are true to the best of his/her information, knowledge and belief.
In witness whereof I hereunto set my hand and official seal.
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Notary Public
Signature of person taking acknowledgment
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Name typed, printed, or stamped
Title (and Rank)
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Title or rank
My commission expires ____________
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Serial number (if applicable)
Serial number, if any
Notary Address:
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