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Also called an assignment and assumption. An agreement in which one party transfers its contractual rights and obligations to another party.

Filling in the assignment and assumption agreement Generally speaking, your agreement should include the following information: Identification of the existing agreement, including details such as the date it was signed and the parties involved, and the parties' rights to assign under this initial agreement.

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 ...

For example, if A contracts with B to teach B guitar for $50, A can assign this contract to C. That is, this assignment is both: (1) an assignment of A's rights under the contract to the $50; and (2) a delegation of A's duty to teach guitar to C.