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.
Rhode Island Assignment of Contract with Covenant of Assignee to Perform is a legal document commonly used in Rhode Island to transfer the rights and obligations of a contract from one party to another. This assignment allows the assignor (the original party to the contract) to transfer their rights to the assignee (the new party) while also ensuring the assignee agrees to fulfill all duties and responsibilities outlined in the original contract. There are two main types of Rhode Island Assignment of Contract with Covenant of Assignee to Perform: 1. Simple Assignment: This type of assignment is the most basic form, where the assignor transfers their rights to the assignee without any additional requirements or covenants. It involves a straightforward transfer of contractual rights and does not include any added assurances or conditions. 2. Assignment with Covenant of Assignee to Perform: This type of assignment is more comprehensive and includes a covenant by the assignee to perform all obligations specified in the original contract. It means that the assignee not only assumes the rights but also agrees to fulfill all duties and responsibilities set out in the agreement. This added covenant provides greater assurance for the assignor that the assignee will fulfill their obligations under the contract. The Rhode Island Assignment of Contract with Covenant of Assignee to Perform document typically includes key information such as the names of the parties involved, the effective date of the assignment, details of the original contract being assigned, and the terms and conditions of the assignment. The document should clearly outline the specific rights being transferred, any limitations or exceptions, and the assignee's agreement to perform all contractual obligations. It is vital to consult with a qualified attorney in Rhode Island when drafting or executing an Assignment of Contract with Covenant of Assignee to Perform. Professional legal advice will ensure that all necessary provisions are included, protecting the interests of both parties involved.
