ASSIGNMENT OF CONTRACT
FOR VALUE RECEIVED,____________________________, the undersigned Assignor ("Assignor") hereby assigns, transfers and sets over to ____________________________ ("Assignee") all rights, title and interest held by the Assignor in and to the following described contract:
The Assignor warrants and represents that said contract is in full force and effect and is fully assignable.
The Assignee hereby assumes and agrees to perform all the remaining and executory obligations of the Assignor under the contract and agrees to indemnify and hold the Assignor harmless from any claim or demand resulting from non-performance by the Assignee.
The Assignee shall be entitled to all monies remaining to be paid under the contract, which rights are also assigned hereunder.
The Assignor warrants that the contract is without modification, and remains on the terms contained.
The Assignor further warrants that it has full right and authority to transfer said contract and that the contract rights herein transferred are free of lien, encumbrance or adverse claim.
This assignment shall be binding upon and inure to the benefit of the parties, their successors and assigns.
Signed this _________ day of ______________________________, 20_____.
Assignor's Printed Name
Assignee's Printed Name
Assignment - How to Legally Transfer Your Rights
What Assignment Is
Assignment is the transfer of rights or interests in a property. An assignment agreement is a document that assigns rights or interests in a property. Assignment of rights over all kinds of property is not recognized by law. For example, assignment of future income is not recognized by law although assignment of future income is recognized in equity. Assignment of residential rental is recognized only if the landlord of the residential premises gives written consent for assignment of such rental. If a partnership agreement does not restrict an assignment, a partnership interest can be assigned. Assignment of mortgage is recognized in many states but in order to be valid, the mortgage must be executed according to law and mortgage assignment must be in writing and recorded. Lease assignment is valid but an assignment of the lease does not release the original assignor. Cash flow assignment is another type of assignment. A borrower can validly assign his customer accounts to a lending institution for receiving a cash flow advance. An assignment of agreement is valid. It will result in the assignment of rights to receive benefits accruing from that agreement to the party to the contract.
How to Create an Assignment
An assignment agreement must contain all the basic principles of a valid contract such as free consent, consideration, and capacity of parties. Special words or special forms are not necessary in order to validate an assignment. Any statement that shows an intention to assign a property constitutes valid assignment. An assignment form permits assigning all of an assignor's interest in a particular property to an assignee. By signing assignment forms, owners guarantee that the interest or title assigned is free of liens, claims or encumbrances of any kind. One can prepare an assignment deed with the help of an assignment sample form.
For assignment of deeds to be valid, they must be signed by the parties. In the case of partnerships, an assignment agreement must be signed by a general partner. For LLC assignment, the deed must be signed by a manager of the LLC. In a business entity, the assignment deed must be signed by an officer of such an entity.
Intellectual Property Assignment
Intellectual property rights can also be assigned and this includes patents, copyrights, trademarks and trade names. Patent assignment is the transfer of ownership and rights of inventors over a patent. Assignment of patents is governed by federal law as well as international treaty procedures for intellectual properties, such as procedures under patent cooperation treaty (PCT). The U.S. Patent and Trademark Office (USPTO) records every assignment of patent rights. For this, all information stipulated in the patent laws must be submitted to the USPTO. However, the USPTO does not specify any particular patent forms. One can prepare a form of assignment of a patent with the help of a sample assignment form.
Assignment of copyright is the transfer of interest over a copyright. By copyright assignment, the owner of a copyright transfers to another person the owner's rights and other interest over the copyright. For transferring rights over a copyrighted work, the parties may sign copyright forms for assignment or enter into a copyright permission agreement. Copyright permission is a request to include copyright substance in other person's work. One can prepare a form of assignment of copyright with the help of a sample assignment form.
Both trademark and trade name rights can be assigned. Trade name is the official name of an entity under which the entity carries on business and trademark is the word or symbol used to identify and distinguish the goods and services of that entity. The owner of a trademark/trade name can transfer his ownership of trademark to another person or entity by assignment. By assigning a trademark, the owner transfers to the other party owners' title, rights, and interest in the trademark. Additionally, assigning a trade name/trademark also relinquishes other rights attached to that trade name, including its logo, and goodwill. Trade name assignment can be done for registered as well as unregistered trade names. In a trademark assignment, the rights and title to the trademark are always transferred along with the goodwill associated with the mark. One can prepare a form of assignment of trademark with the help of an assignment form template.
See also Assignment of Lease, Assignment of Trademark, Assignment of Mortgage, Assignment of Accounts, Assignment of Copyright
Assignments - FAQ
My friend offered to assign me his residential rental. What does that mean?
The process of subletting a rental property to another is called lease assignment. A person can sublet a leased residential property with permission of the landlord. An assignment of lease is effectuated by signing a lease assignment agreement. The person receiving the rights is called assignee and the person transferring the rights is called assignor. Even when the property is assigned to a third person, the original lessee will be liable to the property owner.
Can I transfer my copyright to another?
Yes, you can transfer your copyright to another. This is called assignment of copyright. It is commonly used in transfer of intellectual property rights. Intellectual property rights such as patents, copyrights, and trademarks need to be assigned in writing and duly signed by both the parties. These assignment agreements transfer the right to use, alter or manipulate the intellectual property rights, from its original owner to the assignee. By transferring a copyright, you can ensure future income in the form of royalties. Copyright permission is granted by entering into an assigning contract. US Legal Forms provides many professional yet affordable copyright forms, including a free sample preview available for an assignment form.
I received a notice from my bank about assignment of mortgage. What does this mean?
A mortgage assignment is the process by which a mortgage is transferred from one entity to another. It usually happens between banks or similar financial institutions when one person continuously defaults on mortgage payments. To free cash flow, the lender bank may enter into an assignment of agreement of mortgage with the buyer bank. The buyer bank wins the right to collect money from the mortgagee. This is also called assignment of deed of trust. In assignment of mortgage, the assignor bank is not obliged to get permission from mortgagee. It is up to the buyer bank that the mortgagee is informed of the assignment.
I have an ownership interest in an LLC, engaged in commercial trade. Can I transfer my interest?
A limited liability company interest is considered private property. It can be completely or partially assigned to another in accordance with the LLC agreement. Contrary to other assignments, this will not include assignment of rights to take part in an LLC's management of the business and affairs, except otherwise provided by the agreement. An assignment similar to LLC assignment is also possible in a partnership agreement. However, similar clauses to that effect should be included in the partnership deed.
Can I sell my trademark?
Your trademark rights can be transferred to another through trademark assignment. By assigning a trademark, the right of future use of the trademark will be transferred to the assignee. Trademark assigning or assigning a trade name is done by completing and signing an assignment form. It should include the name and address of the assignor, as well as the assignee, and the trademark particulars. The trade name assignment form shall also contain a statement to the effect that the trademark shall not be used for any purpose other than that stated in the agreement. Many professionally drafted assignment sample forms are available at US Legal Forms.
Can I partially assign my patent rights?
A patent is a collection of exclusive rights over inventions awarded to inventors as appreciation of their hard work. Patent assignment is possible for the complete set of rights or only a part interest. Partial assignment is a transfer of a specific part of the interest. This form of assignment can also be for using the patent rights only in certain countries. The way patent rights are to be assigned will be specified in the assignor's form of assignment. Partial patent assignment should be subject to regulations laid down by the Patent Cooperation Treaty. This treaty provides a unified procedure for applying for patents and to protect inventions of its contracting states. US Legal Forms offers a vast selection of first-quality sample patent forms, sample assignment forms and templates for patent assignment.