irrevocable assignment
Definition
An irrevocable assignment is a permanent transfer of your rights or ownership over something to another person or company, and once you sign it you cannot take it back or change your mind. Think of it like selling your house, where after closing you no longer own it and cannot simply decide to reclaim it later. The word irrevocable is the critical part because it means this transfer is locked in forever.
Example
If you permanently sign over your rights to a patent or insurance policy to a bank as collateral for a loan, that is an irrevocable assignment, meaning the bank holds those rights until the loan terms are fully resolved.
Watch Out
Never sign an irrevocable assignment without fully understanding what you are permanently giving up, because courts will almost never let you undo it even if you later regret the decision.
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.