Assignment
Transferring your contract rights or duties to someone else.
What it means
Assignment is the transfer of a party's rights or obligations under a contract to someone else — for example, a company selling its customer contracts to an acquirer, or a contractor assigning payment rights to a lender. Many contracts prohibit assignment without the other party's written consent, sometimes with exceptions for mergers or affiliates.
Why it matters before you sign
An assignment clause decides whether you could end up in a contract with a company you never chose — or whether you can hand off the contract if you sell your business.
In a contract, it looks like this
Neither party may assign this agreement without the prior written consent of the other, except to a successor in a merger or sale.
This definition is a general, educational explanation — not legal advice. XOsign provides AI-assisted document tools and does not provide legal advice; consider consulting a qualified attorney for guidance on your specific situation. Requirements vary by state.
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