An Assignment Agreement is a legal document that outlines the assignment of rights and responsibilities under an original contract from one party (the assignor) to another (the assignee). It can be drafted whenever the assignor wants the assignee to assume all the contractual obligations and rights.
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This type of agreement is popular in construction and real estate. A Contract Assignment means that the assignee complies with all the duties established in the original contract and receives benefits that should have gone to the assignor for an assignment fee.
If you need an Assignment Agreement, you can download a template below or create a more personalized document using our online form builder.
Follow these steps to properly assign a contract:
The assignment fee - a sum of money that compensates the assignor for the rights given up in the contract - is required when you assign property, cash, and other assets to the assignee. The fee amount depends on the type and value of the subject matter of the contract. An assignment fee can be calculated as a percentage of the value (typically, it is between 1% and 5%) or you can agree on a set amount when signing the contract. As long as you meet other legal requirements for the assignment, you are free to negotiate any fee - and do not forget to put it in writing as a separate clause.
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