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How to Signature Assumption Agreement

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The Assignment and Assumption Agreement An assignment and assumption agreement is used after a contract is signed, in order to transfer one of the contracting party's rights and obligations to a third party who was not originally a party to the contract.
An assumption of contract occurs when one party, the assignee, accepts the benefits and obligations of an existing contract from one of the contract's original parties, known as the assignor. A corporate assumption of contract just means that either the assignee or the assignor, or both parties are corporations.
An assignment and agreement form is pretty standard, it allows the third party subrogated rights of persuing the third party's losses ( which they will pay for) against their customer, who has for whatever reason breached their policy terms.
An assignment of contract occurs when one party to an existing contract (the "assignor") hands off the contract's obligations and benefits to another party (the "assignee"). Ideally, the assignor wants the assignee to step into his shoes and assume all of his contractual obligations and rights.
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