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.

For assignment to be effective, it must occur in the present. No specific language is required to make such an assignment, but the assignor must make some clear statement of intent to assign clearly identified contractual rights to the assignee.

Intellectual property rights are legal rights that provide creators protection for original works, inventions, or the appearance of products, artistic works, scientific developments, and so on.

There are two main ways to transfer IP rights: licensing and assigning. An Intellectual Property Agreement is effective when you want to: Transfer ownership of Intellectual Property in writing; Transfer ownership of Intellectual Property Rights from your business as a sole trader/partnership to a new company.

Generally, donative assignments are revocable. An assignor can revoke an assignment by notifying the assignee of the revocation, by accepting the obligor's performance, or by subsequently assigning the same right to another party. Also, the death or bankruptcy of the assignor will automatically revoke the assignment.

The transferring party ("assignor") transfers to the receiving party ("assignee") its property in intellectual property rights, such as patents, trademarks, industrial designs and copyrights.

There are two main ways to transfer IP rights: licensing and assigning. An Intellectual Property Agreement is effective when you want to: Transfer ownership of Intellectual Property in writing; Transfer ownership of Intellectual Property Rights from your business as a sole trader/partnership to a new company.