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Assignment and Assumption Agreement
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Assignment and Assumption Agreement
Practical Law Glossary Item 7-382-3242
(Approx. 3 pages)
Glossary
Assignment and Assumption Agreement
Also called an assignment and assumption. An agreement in which one party transfers its contractual rights and obligations to another party.
For forms of assignment and assumption agreements for bank loans, see
Standard Documents, Assignment and Assumption: Single Assignment of Loans
and
Assignment and Assumption: Multiple Assignments of Loans
. For more information on assignments and participations of bank loans, see
Practice Note, Assignments and Participations of Loans
and
Standard Clauses, Loan Agreement: Assignment and Participation Clauses
.
For a form of an assignment and assumption agreement used with an asset purchase, see
Standard Document, Assignment and Assumption Agreement
.