What is an assignment of contract?

An assignment of contract is a legal concept in Nebraska contract law that allows a person or business to transfer their rights and obligations under a contract to another person or business. This type of transfer usually happens when the contract holder is unable to fulfill the obligations of the contract for some reason. For example, if a business agrees to purchase a certain amount of goods from a vendor, but can no longer make the purchase, the business could assign the contract to another company to complete the purchase. The assignment of contract is a two-step process in Nebraska. First, the contract holder must transfer their rights and obligations in the original contract to another party. This transfer must be done in writing and must be signed by both the assignor (the original contract holder) and the assignee (the party taking over the contract). Second, the assignee must accept the terms of the contract and agree to fulfill the obligations of the contract. It is important to remember that an assignment of contract is a contractual agreement between two or more parties, therefore, the terms of the contract must be followed in order for the transfer to be valid. In addition, it is important to note that the assignment of contract will not change the original terms of the contract, but simply transfer the obligations from one party to another.

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