Assignment and Assumption Agreement between LLCs
Category:
State:
Multi-State
Control #:
US-C-A-99921-3
Format:
Word;
Rich Text
Instant download
Description
An assignment and assumption agreement transfers one party's rights and obligations to a third party. The party making the assignment is called the assignor, while the third party accepting the assignment is known as the assignee.
The assignor assigns their rights and duties under the contract to the assignee and the assignee accepts, or "assumes," those rights and duties.
The other party to the initial contract must also consent to the transfer of rights and obligations to the assignee. For a valid assignment and assumption agreement, the initial contract must provide for the possibility of assignment by one of the initial contracting parties.
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