What is an assignment of contract?

An assignment of contract is a legal document in Virginia that allows one party to transfer their rights and obligations under a contract to another party. Generally, this type of document is used when there is a change of ownership, as the rights and obligations of the original party will be transferred to the new party. In Virginia, it is important to make sure that the assignment is made in writing and that both parties agree to the terms of the assignment. The agreement should also be signed by both parties and should be legally binding. In addition, the document should be filed with the Virginia Circuit Court. An assignment of contract is usually used in cases where the original party is no longer able to fulfill their obligations under the contract. This could be due to financial constraints, a change in circumstance, or the death of an individual. The agreement should also outline how and when obligations will be fulfilled, and should be carefully reviewed by both parties involved before signing. Overall, an assignment of contract is a legal document used in Virginia that allows one party to transfer their rights and obligations under a contract to another party. It is important to make sure that the agreement is made in writing, is legally binding, and is filed with the Virginia Circuit Court before it is finalized.

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