Document background
The Assignment And Assumption Agreement is a crucial legal instrument used when one party needs to transfer its contractual rights and obligations to another party. Common in corporate restructuring, mergers and acquisitions, and various business transactions, this document ensures a smooth transition of contractual responsibilities while protecting all parties' interests. Under U.S. law, it must comply with state-specific contract requirements and may require additional approvals depending on the nature of the original agreement. The document typically includes details of the original contract, specific rights and obligations being transferred, and terms governing the assumption of these responsibilities.
