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Contracts

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 Virginia, the assignment of a contract is generally permissible unless the contract itself prohibits it or if the assignment would significantly change the obligations of the other party. Virginia law recognizes the right of a party to a contract (the assignor) to transfer their rights and responsibilities under the contract to another party (the assignee). However, the assignee must be capable of performing the contractual obligations, and the assignment must not be prohibited by the contract or by law. Contracts often include specific clauses that outline the conditions under which an assignment is allowed or prohibited. If an assignment is prohibited by the contract, any attempt to assign the contract may be invalid. It's important to review the specific terms of the contract and consult with an attorney to understand the legal implications of an assignment in Virginia.

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Contracts

assignment

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Virginia State Code

Contracts

assignment

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