Assignment of Contract

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This Assignment of Contract is designed for use in Australia and is available for immediate download.

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An Assignment of Contract is used when a person who originally was a party to a contract (“Assignor”) assigns his rights and responsibilities under the contract to another party (“Assignee”). The Assignor may assign a contract for various reasons including a change in circumstances or financial concerns. A written Assignment of Contract will prove valuable in the event of disagreements, misunderstandings or litigation.

Among others, this Assignment of Contract includes the following provisions:
  • Parties to the Agreement: This provision contains the identity and names of the parties entering into the agreement;
  • Assignment: This provision specifically sets out the specifics of the contract being assigned;
  • Remaining Obligations and Indemnity: This provision sets out the terms of the original contract which will remain in full force and effect;
  • Assignment of Contract Income: This provision is optional and sets out the party who will receive any proceeds and how they will be received.

Protect Yourself, your Rights and your Property by using our professionally prepared up-to-date forms.

This lawyer-prepared packet contains:
  1. General Information
  2. Assignment of Contract
Law Compliance: This form complies with the state and territory laws of Australia
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.















Assignment of Contract
(Australia)










This Packet Includes:
1. General Information
2. Assignment of Contract








General Information
Assignment of Contract

An agreement to assign a contract- Assignment of Contract which is also know an  Deed of assignment allows one party (the assignor) to transfer their rights and obligations under a contract to someone else (the assignee). Mostly, the assignee pays the assignor in return for the transfer of title.  This is called consideration or value received.  
   
To be effective, there must be notice of the assignment to the other original contracting party which is provided for in schedule.  

In this contract, there is also an option provided if the Assignor who has the right to receive the income assigns and transfers the right to receive all present and future contract income to the Assignee.







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ASSIGNMENT OF CONTRACT
THIS AGREEMENT is made the _________ day of _________, 20___
BETWEEN: ________________[name of assignor], ACN (if corporation)_____ of ___________________[ address] (the Assignor) of the first part
AND: ________________[name of assignee], ACN (if corporation) of ___________________ [address ]  (the Assignee) of the second part.

Background:
A.   The Assignor is a party to a contract, the subject matter of which is _____________________ [matter of the contract] executed between Assignor and _______________(the Obligor), a copy of which contract is attached hereto.

B.   The Assignor has agreed to assign and transmit all its rights, titles and interest held by the Assignor in the above described contract.

C.   The parties wish to formalise the assignment of the contract on the terms set forth in this agreement.

Now the Parties agree as follows:
1.   Assignment
FOR VALUE RECEIVED, Assignor hereby assigns, transfers and sets over to Assignee all rights, title and interest held by the Assignor in and to the above described contract.2.  Warranty
(a)   Assignor warrants and represents that said contract is in full force and effect and is fully assignable.
(b)   Assignor warrants that there has been no breach of the above-mentioned contract by any of the parties to that contract, and that Assignor is in full compliance with all the terms and conditions of such contract.
(c)   Assignor has full right and authority to assign or transfer said contract and that Assignor has not assigned or encumbered all or any part of his rights under such contract.
3.   Remaining Obligations and Indemnity
The Assignee hereby assumes and agrees to perform all the remaining obligations of the Assignor under the contract and agrees to indemnify and hold the Assignor harmless from any claim or demand resulting from non-performance by the Assignee.
4.   Assignment of Contract Income [Optional: if contract income is also assigned]
(a)   Assignor authorises and directs ________ [Obligor] to deliver any warrants, proceeds, income, rentals, fees, profits or monies to be issued pursuant to the contract to Assignee.
(b)   Assignor further authorises Assignee to receive all proceeds, income, rentals, fees, profits or monies that are or may in the future become due to the Assignor from ___________________________ [insert full legal name of person/company from which the income is obtained]
5.   Governing law and jurisdiction
This agreement shall be governed by and construed in accordance with the laws of _____________[Mention State or Territory] and each of the parties submits to the non-exclusive jurisdiction of its courts.

6.    Counterparts
This agreement may be executed in any number of counterparts. All of such counterparts taken together constitute the one instrument.




[Signature Page Follows]IN WITNESS WHEREOF the parties have executed this Agreement the day and year first above written.
____________________________Assignor's Signature___________________________Assignor's Printed Name____________________________Assignee's Signature____________________________Assignee's Printed Name

   
Witness Signature   

   
Full Name of Witness

(Attach copy of contract being assigned.)



Number of Pages6
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#32579
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