This Standard Document contains provisions to incorporate an assumption of the delegated obligations and an optional novation into the assignment agreement. An assignment and assumption agreement transfers one party's rights and obligations to a third party.Novation: What's the difference? An assignment and assumption agreement assigns contractual rights or intangible personal property (such as intellectual property or goodwill) from one party. The first step is finalizing the form of novation agreement. An assignment and assumption of lease is a legal real estate document that allows one party to transfer rights and obligations of a lease to another party.