How do I assign the rights of a contract to someone else?
To assign rights of an existing contract, your assignment agreement needs:
The assignor’s information (name and address)
The assignee’s information (name and address)
Third party details (name and address of the other party involved in the original contract)
The original contract information (date of execution and purpose of original contract)
A description of the contract rights being transferred (can be partial rights or full contract)
Consideration (the benefit or profit, e.g. money, assets, property, etc., received by the assignor for assigning the contract)
Signatures of the parties and date of execution
You can have an Assignment notarized or witnessed by individuals not party to the contract, but it’s not a requirement.
You should always review and consider the terms of your original contract before assigning it.
For example, you may be required by the second party of the original contract to get their consent before assigning contractual rights to a new party. There might also be stipulations where you remain liable for the terms of the contract even after assigning to a new party.