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assignment

The assignment of a contract occurs when one party to the contract (the assignor) transfers its rights and responsibilities under the contract to another person or entity (the assignee)—usually someone who was not a party to the original contract.

Contracts often include a paragraph or clause near the end of the agreement that addresses whether the parties may assign the contract.

In New York, the assignment of a contract is generally permissible unless the contract explicitly prohibits it or if the assignment would significantly change the obligations of the other party. New York follows common contract principles where any rights or benefits under a contract can be assigned without the other party's consent, except where the contract involves personal services or if the assignment would materially alter the risk or duties of the non-assigning party. Contracts often contain an 'assignment clause' which dictates the permissibility and requirements for an assignment. If such a clause is present, it must be adhered to. If a contract is silent on assignment, it is typically assumed that assignment is allowed. However, the assignment of responsibilities under the contract requires the consent of the other contracting party. It's important to review the specific terms of the contract and possibly consult with an attorney to understand the legal implications of an assignment in New York.

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Contracts

assignment

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Contracts

assignment

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