cesión del contrato
Definition
Cesión del contrato is a Spanish legal term that means 'contract assignment,' which is when one party to a contract transfers their rights and responsibilities under that contract to a completely new third party. The original party essentially steps out of the deal and the new party steps in to take their place, with all the same obligations and benefits.
Example
If you sign a lease for your business space and then sell your business, you might assign that lease contract to the new owner so they can continue operating from the same location under the same terms.
Watch Out
Many contracts specifically prohibit assignment without the other party's written consent, so always check your contract language before attempting 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.