In contract law, assignment means the transfer of a property or benefit from one person to another. A contract assignment occurs when one of the original contracting parties transfers the contract’s benefits and responsibilities to another party. In other words, when one party, who holds a right called the assignor, transfers the right to another party called the assignee, it is called an assignment. In an assignment contract, the contractual rights and liabilities are transferred to the assignee. Every party in the original agreement needs to be notified before a transfer occurs. A party who is legally obliged to pay or provide a benefit to another party until a specified period is called the obligor. An obligee is a party who transfers the benefits from the obligor to a third party. The obligee is generally termed an assignor, a party who creates the assignment and transfers it. Only the assignor can transfer the rights to a third party. The third party in an assignment who receives the rights to acquire the benefits provided by the obligor is called the assignee.
The obligor can be assigned with any rights from the assignor unless:
It alters the obligation
It is burdening
The value of the original contract decreases on doing so
It increases risk
It is illegal as per public policy
The assignment is prevented through the contract
The steps to be followed when assigning a contract are as follows:
Step 1: The contract is examined for any limitations. Any anti-assignment clause should be checked beforehand. Sometimes, this clause may not be present separately but is included with some other clause. The agreement states it clearly if an anti-assignment clause is there. In the case of anti-assignment clauses, the assignor may not assign the agreement without the other party’s consent.
Step 2: The assignment is executed. If there is no anti-assignment clause in the agreement, an assignor can enter into an assignment of the contract and thus transfer the rights and obligations of the contract to the assignee.
Step 3: The obligor is provided with a legal notice. After the assignor has transferred the rights to the assignee, he or she should give legal notice to the obligor (who is one of the original contracting parties).
Consent by Obligor
An obligor is one of the primary parties to a contract. When an assignor assigns the contract to a third party, the obligor’s consent is not necessary. In cases where the rights being transferred involve a personal service by the obligor, the consent of the obligor is required. The obligor can also give consent to an assignment after the contract. The consent of the obligor after a contract form is active in the following cases:
When the obligor gives consent due to consideration
When the obligor gives consent in a situation where a promise would be binding without consideration
The consent of an obligor does not discharge the assignor from its duties. The obligor also has the right to withdraw its consent only before someone acts on it. However, the consent can be irrevocable due to the following reasons:
If the consent is made before the execution of the assignment
When a material change has taken place under the obligorâ€™s consent
Risk assessment reduces the risks or threats that parties to a contract might face in the future. This also helps the parties of contract handle the risks in a better way. The following elements need to be there in a contract to keep risks to a minimum:
Establishment of transparency: Words that create confusion or are unclear in any part, section, or clause of the contract should be avoided. If transparency is not established, there may be errors in the contract.
Simultaneous reviewing of contract: Before the contract is formed, it should be reviewed many times. A review is done to clarify any misunderstandings between the parties.
Qualify risk transfer: Risk transfer refers to considering losses and how those losses are insured.
Risk neutralization: When all the above cases are performed, the risk is neutralized.
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