Have you ever wondered if it was possible for someone to take over a contractual agreement for you? Perhaps a successor or protege is to step into your shoes, or you are entering into a business partnership where you feel the rights and obligations would be better handled by the other party. Perhaps you just want to get out of a loan you have no way of paying, and someone offers to take on the burden for you. Instead of voiding your contract (which might be a legal breach and cause trouble) and having the person or entity sign a new contract, you can use an assignment agreement contract.
Assignment agreements will shift all your rights and obligations to the third party, your saving grace. These Agreement Templates will show you how and when this can be done.
What kinds of contractual relationships and obligations can you (the assignor) transfer to someone else (the assignee)? Quite a lot, actually. Here are just some sample contracts to show you the possible scenarios.
One most common scenario is for getting out of debts:
There are also times you will need to transfer intellectual property rights. This happens during company mergers and amalgamations, for instance. Some contracts to accomplish this role shift:
Lease rights and rental obligations of physical property can also be assigned. (Although if you want to quickly transfer real estate to someone in your family, a quitclaim deed is the way to do it.)
Perhaps you want to want to establish a supplier-distributor relationship with someone else who will be reselling your product. In this case, you will need a Distribution Agreement.
Similarly, if you just want to give someone the right to use property you own, while you keep your ownership rights, use a Lease Agreement.
If you’re lending money, use a Loan Agreement.
You can download these free PDF documents as reference material. They will serve to inform you of your options down the road if you find yourself ever needing to transfer any obligations as we’ve discussed.
Here’s a bonus template for a converse scenario: If you’re an employer and wish to take away rights and obligations of an employee you are terminating, use a Settlement Agreement.