Assignment of Contract

There is a specific document that provides delegating rights and responsibilities to one person or several people. Today, we are going to discuss the task of contract. We prepare a good sample so that you will be able to understand all important details. A properly completed document can become essential protection of rights, responsibilities, and obligations. It may also encourage productive collaboration and help to elude misunderstandings in the future partnership. When you have a good sample of the document, you are ready to set up a formal relationship when it is necessary. You should add some specific details to the assignment of contract in order to show the most significant points. So, the structure of the contract and its details form presentable sample to reach the agreement.

At the beginning, you should start with formal introduction where you point to the Assignor who transfers the rights to another person or group of people:

For the received value, the undersigned Assignor (Assignor’s surname) delegates (Assignee’s surname – it is a person whom the Assignor transfers all his/her responsibilities/ obligations /rights to:

In this part you should mention the post of the Assignee and corporate documents that regulate the legal side of the process:

The Assignor assigns the Assignee (place on the board of directors, etc.) of the (name of the company) with the responsibilities/obligations, mentioned in (refer to the corporate document). The Assignee also receives (bonuses, etc.), mentioned in (refer to the corporate document). Also, the Assignee receives (right to participate, right to vote, etc.) as a (post in the company).

There should be a date when the document comes into force:

The Assignee takes his/her post when the document is signed by all parties on (date).

This part shows the possibility of termination of the agreement:

The Assignor has a right to call the document off (when it is necessary), in case (situations when the Assignee cannot work properly or is incompetent and other members of the company can prove this).

There is a penalty for non-execution of a contract:

The Assignee cannot refuse of his/her responsibilities / obligations before (date) (and in case if he/she does not has serious problems with health); otherwise, (the Assignee pays a fine, etc.). The fine includes 50% of his/her income (taxes counted separately) for the period of being on the post.

Other situations that can occur:

If the Assignee has serious problems with health, (name of the company) hold the elections and choose another candidate for the position. In the case of the Assignee’s disease, (name of the company) obliged to provide the Assignee with medical treatment and insurance to cover medical expenses.

At the end, you should say about the further use of this kind of the document; also mention the accessibility of the contract for both parties that signed it:

Both parties own the copies of the Assignment of Contract and can use it in signing other contracts.

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