Contract Assignment Agreement
This template is a Contract Assignment Agreement used when one contractor (Contractor 1) transfers all rights, titles, and interests of an existing contract to another contractor (Contractor 2). Contractor 1 attests to having the legal right to transfer and forfeits future payments, while Contractor 2 accepts all obligations and liabilities related to the assigned contract.
CONTRACT ASSIGNMENT AGREEMENT
This agreement is hereby made between [name of contractor 1] at [company, address] (hereafter referred to as “Contractor 1”), and [name of contractor 2] at [company, address] (hereafter referred to as “Contractor 2”).
On this day, [date], Contractor 1 hereby assigns and transfers to Contractor 2 all rights, titles, and interests to the following contract:
[description of the contract]
Contractor 1 swears and attests that [he/she] has full permission and legal rights to transfer the contract to Contractor 2. Contractor 1 further swears that the contract has no liens, debts, conditions, waivers or additions outside of the original written contract cited above.
Contractor 1 forfeits all payments, benefits, and gratuities still owed according to the contract.
Contractor 2 hereby accepts all work, deadlines, conditions and expectations set forth by the contract and understands that Contractor 1 will not be held accountable for setbacks, debts, or penalties incurred by Contractor 2’s actions in regards to the contract.
The terms and conditions laid out in this contract constitute the entire agreement. Any additions, waivers, or conditions must be put forth in writing and signed by both parties.
_______________________________ _______________________________
[contractor 1 signature] [contractor 2 signature]
_______________________________ ________________________________
[date] [date]
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