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"Assignment of Contract"

Discussion in 'Business Fundamentals' started by Mick76, Sep 14, 2012.

  1. Mick76

    Mick76 2000 Club Member
    from Maine
    Messages: 2,157

    Looking to "tweak" this section of my contracts. Anyone got some verbage you'd like to share?
     
  2. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    I found it on the internet;)

    ASSIGNMENT OF CONTRACT

    FOR VALUE RECEIVED, the undersigned Assignor hereby assigns, transfers and sets over to (Assignee) all rights, title and interest held by the Assignor in and to the following described contract:

    The Assignor warrants and represents that said contract is in full force and effect and is fully assignable.

    The Assignee hereby assumes and agrees to perform all the remaining and executory obligations of the Assignor under the contract and agrees to indemnify and hold the Assignor harmless from any claim or demand resulting from non-performance by the Assignee.

    The Assignee shall be entitled to all money remaining to be paid under the contract, which rights are also assigned hereunder.

    The Assignor warrants that the contract is without modification, and remains on the terms contained.

    The Assignor further warrants that it has full right and authority to transfer said contract and that the contract rights herein transferred are free of lien, encumbrance or adverse claim.

    This assignment shall be binding upon and inure to the benefit of the parties, their successors and assigns.

    Signed this [day] day of [month], [year].

    ____________________________
    Assignor

    ____________________________
    Assignee
     
  3. thelettuceman

    thelettuceman PlowSite.com Addict
    Messages: 1,216

    Get your guard up when Grandview gives advice .... even cut & paste advice !!!!!
     
  4. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    I think it means he can have a sub plow for him.:confused:
     
  5. Mick76

    Mick76 2000 Club Member
    from Maine
    Messages: 2,157

    Its more for if/when I sell the company..... I want to make sure the contracts I have in place at the time will be transferable to the new owner of the company
     
  6. snocrete

    snocrete Banned
    Messages: 2,862

    Is the company "incorporated"?...if so, the "company" holds the contract, not the person buying it, right? When you sell the company, the new owner becomes the "president" of the company...in turn giving him control of the companies contracts/assets/etc.

    Probably a better question for your attorney than a bunch of plow jockeys though Mick :salute:
     
  7. Mick76

    Mick76 2000 Club Member
    from Maine
    Messages: 2,157

    Yes the company is a llc, and your statement is my impression but my assigment clause has to be redone in order for a smooth trans to happen.... im just trying to get some verbage ready so I dont have to pay the darn attorny as much!.....payup
     
  8. snocrete

    snocrete Banned
    Messages: 2,862

    lol gotchya. Good luck Mick....but what will you do with yourself if you arent plowing snow in the winter?
     
  9. Mick76

    Mick76 2000 Club Member
    from Maine
    Messages: 2,157

    It wont happen for awhile but when it does IT WILL BE SOOO NICE! LOL
     
  10. ANA Proscapes

    ANA Proscapes Senior Member
    from NH
    Messages: 109

    That's what most people say when they retire. Then 1-2 yrs later they are back to work because they are too bored. Lol