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Commonly Asked Questions about US Legal Assignment Forms

Assignment is used for those who are not available to fulfill the contract. Novation is used when new contract forms are required to be used. Assignment is the transfer of parties in a contract.
If rather than assigning you want to transfer the burden of a contract as well as the benefit under it, you have to novate. Table 1 summarises the differences between assignment and novation. In effect, novation creates a new contract between two new parties and releases one of the parties from the contractual chain.
An Assignment, or an assignment of contract, is a document that allows one party to transfer the rights and benefits of a contract to another party.
Unlike a novation, an assignment does not terminate the original written agreement. Rather, there is a shift in the interests or rights that are being assigned to another party, while a novation must unequivocally state that it is intended to supersede a prior writing amongst parties.
Under property law, assignment typically arises in landlord-tenant situations. For example, A might be renting from landlord B but wants to another party (C) to take over the property. In this scenario, A might be able to choose between assigning and subleasing the property to C.
Assignment is a legal term whereby an individual, the assignor, transfers rights, property, or other benefits to another known as the assignee. This concept is used in both contract and property law. The term can refer to either the act of transfer or the rights/property/benefits being transferred.
Assignment gives some rights to a third party, while novation transfers both rights and obligations to a third party. Therefore, you should make sure to document whichever method you choose in a written agreement. To ensure your assignment or novation is effective, consult with a lawyer before taking any action.
The assignment must be absolute. The rights to be assigned must be wholly ascertainable and must not relate to part only of a debt. The assignment must be in writing and signed under hand by the assignor. Notice of the assignment must be received by the other party or parties for the assignment to take effect.