What is an assignment of contract?

An assignment of contract is a legal agreement between two parties in which one party transfers their rights and obligations under a contract to another party. In Washington, this agreement must be in writing and contain all of the pertinent information about the contract, such as the names of the parties, the date the contract was created, and the specific provisions that are being assigned. The assigning party must also have the right to assign the contract, and the receiving party must consent to the assignment. When an assignment of contract is accepted, the receiving party assumes all of the rights and obligations of the original party. This means that the receiving party has the same legal rights to the contract as the original party, as well as the obligations to fulfill the terms of the contract. An assignment of contract is a useful legal tool to transfer contracts in Washington. For example, if a company needs to transfer its rights and obligations under a contract to another company, due to a sale, merger, or other change in ownership, an assignment of contract can be used to transfer those rights and obligations. In this way, the obligations and rights of the original party are legally transferred to the new party.

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