Legal Assignment

Legal assignment is a process in which one party, known as the assignor, transfers their rights or benefits under a contract to another party, known as the assignee. This means that the assignee now has the authority to receive payments or enforce the contract instead of the original party. However, the assignor often remains responsible for fulfilling any obligations under the contract unless the contract specifically states otherwise. Legal assignment is commonly used in business transactions, property deals, and debt collection to streamline rights and responsibilities among different parties.