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You may wish to have a lawyer draft the assignment agreement for you.Also, if you have any disputes over an assignment, it is to your advantage to secure the services of a lawyer in the event that a lawsuit becomes necessary.
If you are considering assigning your rights in a contract to another party, you may wish to consult a business lawyer for advice.
Since it is a separate agreement, an assignment must often be treated like a new contract.
Also, the statement must be in the present tense; “I am currently assigning my contract rights to X” would be enforceable, whereas “I will assign X my contract rights in two weeks” would have no legally binding effect.
Unless specifically stated, all contract rights may be assigned.
This is usually the most common situation in assignment lawsuits.
Also, it is common for the assignor to remain liable to the obligor.
That is, even though they have transferred their benefits to the new party, they must still make sure that they perform their part of the bargain (such as rendering services or property).
Again, rules governing assignment liabilities differ according to state and specific contract instructions.
If the drafter of a contract does not want the contract to be assignable, he may choose to expressly prohibit assignability or may allow for assignability only after consent of the other party is obtained.
It is important to note that there may not be an assignment to a third-party if the assignment would materially change the duty of the other party or materially increase the burden or risk imposed by the contract.