This form is an Assignment and Assumption of a Software License Agreement. The licensor has agreed to grant its consent to a one time assignment in consideration of the licensee modifying and limiting its rights under the license. The licensee may not assign its right under the agreement without the written consent of the licensor.
Oklahoma Assignment and Assumption of Software License Agreement
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An assumption agreement, sometimes called an assignment and assumption agreement, is a legal document that allows one party to transfer rights and/or obligations to another party. It allows one party to "assume" the rights and responsibilities of the other party.
Also referred to as an assignment and assumption, an assignment and assumption agreement is an agreement that is established when one party of a contract wishes to transfer his or her contractual obligations and rights to another party.
An assignment agreement should include the:Name of the party transferring their contractual duties.Name of the party receiving the contractual obligations and rights.Third-party, or obligor, to the original contract.Name of the actual contract, along with the expiration date.More items...
That no assignment clause says that neither party can transfer or assign this agreement without the written consent of the other party.
The most common example of the non-delegable or non-assignable nature of a personal service contract is that of a famous opera singer who has contracted with an opera to perform. She cannot assign her contractual duty to another singer because the nature of the services is unique and personal.
As an anti-assignment clause prohibits the assignment of payment, it affects business and thus is unenforceable and ineffective under Section 9-406 of the Uniform Commercial Code.
Related Content. Also called an assignment and assumption. An agreement in which one party transfers its contractual rights and obligations to another party.
What Is a Non-Assignment Provision and Why Do You Need It? Generally speaking, contracts can be freely assigned to third parties. Non-assignment provisions are designed so that contracts cannot be as freely assigned to third parties; or at least, not without first obtaining the contracting counterparty's consent.
An assignment clause spells out which, if any, of a party's obligations and rights under a contract are able to be assigned, or transferred, to another party.
Contractor may not assign the obligations under this Contract, whether by express assignment or by sale of the company, nor any monies due or to become due under this Contract, without City's prior written approval.
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