assigns
Definition
Assigns refers to people or companies that someone transfers their rights or interests to in the future. When a contract says it applies to you 'and your assigns,' it means the contract also binds whoever you later hand your rights over to.
Example
If you sell your business and transfer your lease to the new owner, that new owner becomes your assign and inherits all the rights and obligations that came with the original lease.
Watch Out
Before you sign any contract that mentions assigns, make sure you understand whether the other party needs to approve any transfer of rights before you can hand them off 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.