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An Assignment of Contract happens when one party transfers their rights and obligations under a contract to someone else. In the Philippines, this common business practice lets companies and individuals hand over their contractual position to another party, as allowed under the Civil Code.

For the transfer to work, you'll need written consent from the other party in the original contract, unless your agreement says otherwise. The new party (assignee) steps into the shoes of the original party (assignor) and takes on all the contract's benefits and responsibilities. This tool proves especially useful in construction projects, lease agreements, and business sales throughout the Philippines.

Use an Assignment of Contract when you need to transfer your role in an existing agreement to someone else. This commonly happens in the Philippines during business sales, when transferring lease rights to a new tenant, or when contractors need to pass construction projects to other qualified companies.

The document becomes essential when selling franchise rights, reassigning service contracts, or transferring property development agreements. For example, if you're a mall tenant looking to transfer your lease, or a contractor who needs another company to take over your project obligations, an Assignment of Contract provides the legal framework to make this transfer properly and safely.

• Assignment And Novation Agreement: Completely transfers both rights and obligations, with all parties agreeing to the change
• Assignment Fee Contract: Focuses on payment terms when transferring contract rights for a fee
• Vehicle Assignment Agreement: Specifically designed for transferring vehicle-related contracts and obligations
• Debt Assignment Agreement: Transfers debt collection rights to another party
• Assignment Of Obligations Under A Contract: Transfers specific contractual duties while maintaining original rights

• Business Owners: Use Assignment of Contract when selling their company or transferring business obligations to new owners
• Property Developers: Transfer development rights or construction contracts to other qualified contractors
• Corporate Lawyers: Draft and review assignments to ensure compliance with Philippine laws and protect client interests
• Commercial Tenants: Transfer their lease rights to new occupants with landlord approval
• Financial Institutions: Assign loan agreements or debt collection rights to other creditors
• Project Managers: Handle contract assignments when restructuring project responsibilities or changing contractors

• Original Contract Review: Gather the complete original contract and verify it allows for assignment
• Party Details: Collect legal names, addresses, and contact information for assignor, assignee, and remaining parties
• Assignment Scope: Clearly define which rights and obligations are being transferred
• Consent Requirements: Check if the original contract requires written consent from other parties
• Payment Terms: Document any fees or compensation for the assignment
• Effective Date: Specify when the transfer takes effect
• Documentation: Our platform generates a legally-sound Assignment of Contract tailored to Philippine law, ensuring all essential elements are included

• Identification Section: Full legal names and details of assignor, assignee, and remaining contract parties
• Original Contract Details: Date, title, and key terms of the agreement being assigned
• Assignment Clause: Clear statement of rights and obligations being transferred
• Consideration: Specific payment or value exchanged for the assignment
• Consent Statement: Written approval from other parties when required
• Effective Date: Precise timing of when the assignment takes effect
• Governing Law: Reference to Philippine Civil Code and applicable regulations
• Signatures: Execution blocks for all involved parties with witness provisions

An Assignment of Contract differs significantly from an Addendum to Contract in both purpose and effect under Philippine law. While an Assignment transfers rights and obligations to a new party, an Addendum modifies the original contract terms while keeping the same parties involved.

• Party Changes: Assignment introduces a new party and removes an original one; Addendum keeps original parties but changes their terms
• Scope of Change: Assignment transfers existing rights and duties; Addendum adds, removes, or modifies contract terms
• Consent Requirements: Assignment typically needs all parties' approval for the transfer; Addendum only needs agreement on specific changes
• Legal Effect: Assignment creates a new relationship between parties; Addendum simply updates the existing relationship
• Timing Impact: Assignment marks a clear transfer point; Addendum typically applies from its execution forward