Assignment Of Contract Agreement For Employee
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FAQ
In a contract, there are two parties to the agreement, X and Y. The parties may agree to let X assign X's rights to a third party. Once the third party enters the picture, each party has a special name. For instance, suppose X, a seller of bookmarks, contracts with Y, a purchaser of bookmarks.
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.
An inventions assignment agreement is a typical feature of an independent contractor or employee agreement where the worker agrees to assign any intellectual property rights arising from the worker's services to the company.
An assignment of contract occurs when one party to an existing contract (the "assignor") hands off the contract's obligations and benefits to another party (the "assignee"). Ideally, the assignor wants the assignee to step into his shoes and assume all of his contractual obligations and rights.
For employees with contracts, look at the assignment provision. The general rule is that most business contracts are freely assignable (unless there is language to the contrary), except contracts which involve personal services or some sort of confidential relationship.