Assignment And Assumption Of Contract - Page 2
What is assignment and assumption of contract?
Assignment and assumption of contract is a legal process that involves transferring the rights and obligations of a contract from one party to another. It allows one party, known as the assignor, to transfer their responsibilities and benefits under the contract to a third party, known as the assignee. The assignor effectively steps out of the contractual relationship, and the assignee steps in to take on those responsibilities and benefits.
What are the types of assignment and assumption of contract?
There are two main types of assignment and assumption of contract: partial assignment and complete assignment. 1. Partial assignment: This type of assignment occurs when the assignor transfers only a portion of their rights and obligations to the assignee. After the assignment, both the assignor and the assignee will have some level of responsibility for fulfilling the contractual obligations. 2. Complete assignment: In this type of assignment, the assignor transfers all of their rights and obligations to the assignee. The assignee becomes solely responsible for fulfilling all the contractual duties and enjoying all the contractual benefits.
How to complete assignment and assumption of contract
Completing the assignment and assumption of contract requires following a few essential steps:
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