An example of this is when your mortgage is sold to another mortgage company.
The Ultimate Template Kit to Help You Start, Run and Grow Your Business Like a Pro.
Since 2001, Biztree has helped over 12,000,000 entrepreneurs, business owners, executives and managers to start, run and grow their business more efficiently.
An assignment of contract occurs when one party to an existing contract (the "assignor") hands off the contract's obligations and benefits to another party (the "assignee").
Ideally, the assignor wants the assignee to step into his shoes and assume all of his contractual obligations and rights.