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Assignment

Contract Transfer Details

Type of contract transfer:A contract can be assigned completely. When this occurs the party to whom the contract is being assigned accepts all the obligations under the contract as well as all the legal rights.

It is also possible to assign individual rights under a contract, for example, the right to receive the accounts receivable indefinitely or for a specified amount or period of time.

Entire Contract

Individual Contract Rights

Will a copy of the contract be attached?It is recommended that when a contractual right is being assigned, and there is a written agreement, that a copy of the contract be attached as an exhibit to the Assignment.

Yes

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Assignment

_________________________ of _________________________, _________________________, Australian Capital Territory, __________ (the "Assignor") assigns the entirety of the Assignor's contractual rights and obligations under the contract dated 21 November 2024 for _______________________________________________ with __________ of _________________________, _________________________, Australian Capital Territory, __________, which is attached hereto as Schedule "A", to _________________________ of _________________________, _________________________, Australian Capital Territory, __________ (the "Assignee").

In consideration thereof, the Assignor acknowledges receipt of $__________ paid by cash by the Assignee.

The Assignor warrants and covenants the following with regard to the contractual rights which the Assignor has assigned:

that they are still owing to the Assignor over and above all claims for set-off or otherwise;
that the Assignor has the right to assign the contract;
that the Assignor will not, after this Assignment takes effect, receive and accept the assigned contractual rights;
that the Assignor will not do any act which may prevent or hinder the Assignee from enforcing the assigned contractual rights; and
that the Assignor has not done or knowingly permitted any act, deed or thing by which the contractual rights can be impeached or affected in any manner.

The Assignor directs __________ to complete the contractual obligations, which would otherwise be owed to the Assignor but which have been transferred as indicated herein, with the Assignee.

It is agreed that this Assignment will enure to the benefit of and be binding upon the parties to this Assignment, their heirs, executors, administrators, successors and assigns, respectively.

This Agreement will be construed in accordance with and governed by the laws of Commonwealth of Australia.

Signatures to the Agreement
This agreement is made on the ________ day of ________________, ________.

Assignor's signature:	Witness (to Assignor's signature):
_____________________________ _________________________	_____________________________

Assignee's signature:	Witness (to Assignee's signature):
_____________________________ _________________________	_____________________________

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Last Updated February 26, 2024

Assignment Information

Alternate Names:

An Assignment is sometimes referred to as a/an:

Assignment Agreement
Assignment of Contract
Consent to Assignment of Contract
Deed of Assignment

What is an Assignment?

An Assignment is used to transfer the rights and benefits of an entire contract or part of a contract from one party to another.

For example, an IT firm accepts a contract to provide computer repair and maintenance services to a large environmental corporation. At a later time, the IT firm finds that the workload is too much for them to handle, so they assign the contract to another company.

In other words, the assignor (the person or company who accepted the original contract) wants the assignee (the person or company that the assignor is getting to fulfil the contract) to undertake all of their contractual rights and obligations.

How do I assign a contract?

In order to assign your contract, you'll need to specify what you are assigning, such as:

Income stream
Personal property
Contract rights

You should also include the full information (including name and address) of the assignor(s) and assignee(s), as well as if the Assignment is for the entirety of the contract or just a portion of the rights and obligations.

Does an Assignment remove liability for the assignor?

Assigning a contract to someone else does not necessarily relieve the assignor of liability. The original contract does not have to include a specific clause to keep the assignor liable.

In other words, the IT firm may still be responsible for the obligations of the contract, so if the other company that the IT firm chooses to complete the work indicated in the contract does not deliver, then the original IT firm may still be liable to ensure the work gets completed or face legal consequences.

You can include a clause in the Assignment to absolve yourself of either complete or partial responsibility to the original contract, provided all involved parties indicate that they agree by signing the Assignment.