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.
West Virginia Assignment of Contract with Covenant of Assignee to Perform is a legal document used in West Virginia to transfer the rights and obligations of a contract to a third party. This agreement allows the original party (assignor) to assign their rights to another party (assignee), who agrees to fulfill the obligations and perform the contract. Here is a detailed description of this assignment agreement and its various types: 1. Basic Assignment of Contract with Covenant of Assignee to Perform: This type of assignment agreement is the most common in West Virginia. It involves the transfer of rights and obligations of a contract from the assignor to the assignee. The assignee agrees to perform all duties and responsibilities originally assigned to the assignor. 2. Real Estate Assignment of Contract with Covenant of Assignee to Perform: This specific assignment agreement focuses on real estate contracts. It permits the assignor (often a property owner or investor) to assign their rights to another party. The assignee agrees to fulfill the obligations of the original contract, such as purchasing or selling the property, and assumes all responsibilities involved. 3. Business Assignment of Contract with Covenant of Assignee to Perform: This type of assignment agreement applies to business contracts. It enables the assignor (usually a business owner or entrepreneur) to transfer their rights and obligations to an assignee, who agrees to perform the contractual duties, such as distributing products, providing services, or managing business operations. 4. Construction Assignment of Contract with Covenant of Assignee to Perform: This assignment agreement is specifically designed for construction contracts. It allows the original contractor or party responsible for the construction project (assignor) to assign their rights and obligations to an assignee. The assignee undertakes the responsibility to complete the construction project, follow contract specifications, and adhere to all agreed-upon terms. 5. Government Assignment of Contract with Covenant of Assignee to Perform: This assignment agreement is applicable when dealing with contracts involving government entities, agencies, or projects. It allows the assignor, often a contractor or supplier, to assign their rights and obligations to the assignee. The assignee agrees to perform all contractual duties, meet government regulations, and follow specific procedures associated with government contracts. In summary, the West Virginia Assignment of Contract with Covenant of Assignee to Perform is a legal document that enables the transfer of rights and obligations from one party to another. Different types of this assignment agreement include those related to real estate, business, construction, and government contracts.
