assignment
Definition
An assignment is when one party transfers their rights or responsibilities under a contract to a third party. Think of it like handing off your spot in a deal to someone else, so they step in and take over your role.
Example
If you sign a lease for office space and later decide to move, you might assign that lease to another business owner, making them responsible for the rent payments going forward.
Watch Out
Many contracts require you to get written permission from the other party before you can assign your rights, so always check your contract before transferring anything 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.