An assignment does not relieve the assignor of any obligation under the contract. An assignor continues to be bound by the obligations of the original contract unless the other party to the contract releases him. In this form the assignee specifically promises the assignor that he/she will perform the obligations of the contract being assigned and promises to indemnify assignor if assignee fails to perform.
Indiana Assignment of Contract with Covenant of Assignee to Perform is a legal document used in the state of Indiana to transfer the rights and responsibilities of a contract from one party to another, while also requiring the assignee to fulfill the contractual obligations. This type of assignment provides legal protection and assurance to both the assignor (the original party to the contract) and the assignee (the party who receives the contract). The Indiana Assignment of Contract with Covenant of Assignee to Perform document contains various key provisions to ensure a smooth transfer of rights and obligations. These provisions include: 1. Parties involved: The document will clearly identify the assignor and assignee, outlining their respective roles and responsibilities under the contract. 2. Original contract details: The Indiana Assignment of Contract with Covenant of Assignee to Perform will reference the original contract, providing specific details such as the contract date, parties involved, and the terms and conditions initially agreed upon. 3. Assignment clause: This clause will state that the assignor transfers all rights, benefits, and obligations associated with the contract to the assignee. 4. Covenant of Assignee to Perform: This key provision emphasizes that the assignee agrees to perform all duties and obligations stipulated in the original contract. It puts a legal obligation on the assignee to fulfill all contractual obligations promptly and efficiently. 5. Indemnification: The document may include an indemnification clause, where the assignee agrees to indemnify and hold the assignor harmless from any claims, damages, or liabilities arising from the performance or non-performance of the contract by the assignee. 6. Governing law: The Indiana Assignment of Contract with Covenant of Assignee to Perform will specify that the contract is governed by the laws of the state of Indiana, ensuring any disputes or disagreements are resolved according to Indiana law. 7. Severability: This provision states that if any part of the assignment agreement is found to be unenforceable or invalid, it will not affect the validity or enforceability of the remaining provisions. It is important to note that Indiana Assignment of Contract with Covenant of Assignee to Perform may also have specific variations or additional provisions based on the nature of the contract being assigned. Common types of Indiana Assignment of Contract with Covenant of Assignee to Perform include real estate assignment agreements, business contracts, and intellectual property contracts. In conclusion, Indiana Assignment of Contract with Covenant of Assignee to Perform is a legal document that facilitates the transfer of a contract from one party to another in Indiana while ensuring that the assignee agrees to perform all contractual obligations. The document contains essential provisions to safeguard the rights and obligations of both parties involved.
