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.
Kentucky Assignment of Contract with Covenant of Assignee to Perform is a legal document that allows one party (the assignor) to transfer their contractual rights and obligations to another party (the assignee), who agrees to take on those responsibilities. In this agreement, the assignor is the party who currently holds the rights and obligations of the contract, while the assignee is the party who will assume those duties. The assignor's intention is to completely transfer their interests and obligations to the assignee, who will then have the right to enforce the terms of the contract and receive any benefits outlined within it. The Kentucky Assignment of Contract with Covenant of Assignee to Perform typically includes various key components: 1. Parties: The agreement clearly identifies both the assignor and the assignee involved in the assignment of the contract. 2. Recitals: This section provides a brief introduction to the existing contract, including its effective date, parties involved, and a brief description of the contract's purpose. 3. Assignment: The main provision of the agreement outlines the assignor's intention to transfer all of their contractual rights, benefits, and obligations to the assignee. It states that the assignee will assume full responsibility for performing the assigned contract. 4. Consideration: This section states the consideration, or compensation, for the assignment. It covers any monetary or non-monetary benefits exchanged between the assignor and the assignee for the assignment to take place. 5. Assignee's Covenant to Perform: This important provision specifies that by accepting the assignment, the assignee promises to fulfill all the obligations set forth in the contract. It establishes the assignee's commitment to execute the terms and conditions of the original agreement. Additional Types of Kentucky Assignment of Contract with Covenant of Assignee to Perform: 1. Real Estate Assignment: Specifically used in real estate contracts, this type of assignment allows the assignor to transfer their rights and obligations related to a property sale or lease to an assignee. 2. Business Ownership Assignment: This type of assignment is used when a party wishes to transfer their ownership interests and responsibilities in a business contract to another individual or entity. 3. Intellectual Property Assignment: In cases involving patents, trademarks, or copyrights, this assignment allows the assignor to transfer their intellectual property rights to another party. In conclusion, the Kentucky Assignment of Contract with Covenant of Assignee to Perform is a legal document that enables the transfer of contractual rights and obligations from one party to another. It outlines the assignor's intention to assign their responsibilities to the assignee, who then assumes those duties and agrees to perform accordingly.
