This Contract Assignment is between a party who wishes to assign a contract (the assignor) and the person to whom the contract is being assigned (the assignee). This agreement effectively sets forth all pertinent terms including the date of the original contract and any payment made by assignee for this assignment. This Contract Assignment must be signed and dated by both parties.
This Contract Assignment (the “Assignment”) is made and entered into this ________________ day of __________________ 20__ , by and between _________________of __________________________________, (the “Assignor”), and ____________________of ___________________________________(the “Assignee”).
A. The Assignor has entered into certain Contract dated _______________ _____________ (the “Contract”) between Assignor and _______________________, for the following purpose: __________________________________________________________________. A true copy of this Contract is attached as Exhibit A to this Assignment.
B. WHEREAS, Assignor desires to transfer and assign to Assignee its rights, duties and obligations under the said Contract;
C. The Assignee is willing to release Assignor from the obligations enumerated in the Contract and to consent to Assignee assuming such obligations;
For good and valuable consideration, it is agreed by and between the parties that:
The Assignor hereby assigns, transfers and assigns to Assignee all rights, title and interest held by the Assignor in and to Contract.
Assignee hereby accepts such assignment and agrees to assume all of Assignor's rights, duties and obligations in, to the Contract. Upon such assignment, Assignor shall be released from all rights, duties and obligations under the Agreement.
In consideration of the Assignment of the Contract, Assignee is hereby paying to Assignor an aggregate purchase price of ______________________________ Dollars in cash, by such means as may be agreed by Assignor and Assignee.
The Assignor hereby warrants and represents that the Contract is in full force and effect. The Assignor further warrants that it has full right and authority to assign the said Contract and that the Contract rights herein transferred are free of lien, encumbrance or adverse claim.
The Assignee hereby assumes and agrees to perform all material obligations of the Assignor under the Contract from the effective date of this Assignment. The Assignee hereby agrees to indemnify and hold the Assignor harmless from any claim or demand resulting from any breach of obligations hereunder by the Assignee.
All moneys due under the Agreement prior to the effective date of this Assignment shall be fully paid to the Assignor and thereafter the Assignee shall be entitled to all money remaining to be paid under the contract.
This Assignment shall be binding upon and inure to the benefit of the parties, their successors and assigns.
This Assignment shall be governed by the laws of the State of ___________________, applicable to agreements executed and to be performed entirely therein.
Signed this _____________ day of ___________________, 20________.