assign
Definition
To assign something means to officially transfer your rights or responsibilities under a contract to another person or business. When you assign a contract, that other party steps into your shoes and takes over whatever you were entitled to receive or required to do.
Example
If you sign a lease for your shop but then sell your business, you might assign that lease to the new owner so they can continue operating from the same location under the same terms.
Watch Out
Many contracts include a clause that prohibits assignment without the other party's written permission, so always check before you try to transfer your rights to someone else.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.