Assignment
The transfer of contractual rights or obligations from one party to a third party.
Assignment clauses control whether parties can transfer their rights or delegate their duties under the contract. Many contracts require written consent before assignment, while some prohibit it entirely.
Anti-assignment clauses are common in personal service contracts where the identity of the performing party matters. However, in business acquisitions, assignment rights are often critical for transferring customer contracts.
Example
A software company assigns its SaaS contracts to an acquiring company as part of a business acquisition, with customer notification.
Related Terms
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