transfer
Definition
A transfer is the act of moving ownership, rights, or property from one person or business to another. This can include physical things like equipment or real estate, but also intangible things like contracts, intellectual property, or debt.
Example
If you sell your business to someone else and hand over all your customer contracts, equipment, and brand name, you are transferring those assets to the new owner.
Watch Out
Some contracts include a clause that prohibits transfers without the other party's written permission, so always check before assuming you can freely hand over a contract or agreement 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.