Contract Assignment
/ˈkɒn.trækt əˈsaɪn.mənt/
Definitions
- (n.) The legal transfer of rights or obligations under an existing contract from one party to another.
The company completed the contract assignment to delegate its duties to a subcontractor.
Forms
- contract assignments
Related terms
See also
Commentary
Contract assignment typically involves transferring contract rights; care should be taken to distinguish it from novation, which replaces parties or obligations.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.