Assignment Agreement of Agreement / Contract

A simple assignment of agreement / contract between the assignor and the assignee. A form of the notice to the counterparty is also attached.

The Assignor and a counterparty entered into an agreement. The Assignor has agreed to assign the Agreement to the Assignee for the consideration and upon the terms set out below.

In consideration of the amount (receipt of which the Assignor hereby acknowledges), the Assignor hereby assigns and transfers to the Assignee the benefit of all the Assignor's right, title, benefit and interest to, in and under the Agreement to hold the same unto the Assignee absolutely, free and clear of all mortgages, charges, pledges, liens, trusts, claims and other interests.

 

How to use this Document?

This Assignment Agreement should be carefully read by the Assignor, and the Assignee. Please note that only the rights (and not the obligations) in the original agreement can be assigned without the consent of the counterparty. For the transfer of obligations or liabilities under the original agreement, or if the original agreement includes a no assignment clause, then the consent of the counterparty of the original agreement should be obtained through a novation agreement.

The parties should sign and return a copy, and once signed, both parties should get a copy. To avoid future disputes, both parties may wish to have their signature witnessed.

A Notice of Assignment should be given to the counterparty of the original agreement in the form of the Schedule to the Assignment Agreement.