This Standard Document contains provisions to incorporate an assumption of the delegated obligations and an optional novation into the assignment agreement. Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Assignment and Assumption Agreement to which this.An assignment and assumption agreement assigns contractual rights or intangible personal property (such as intellectual property or goodwill) from one party. , a Texas corporation. Novation is the replacement of one of the parties in an agreement between two parties, with the consent of all three parties involved. An assignment and assumption agreement transfers one party's rights and obligations to a third party.