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Contract & Commercial Law vocabulary · Contract Terms & Clauses

Assignment

Meaning in contract & commercial law, with examples

/əˈsaɪnmənt/nounCommon term

In contract & commercial law, assignment means: The transfer of a party's rights under a contract, such as the right to receive payment, to another person or company.

In Turkish: devir, temlik, alacağın devri

How it is used

Contracts usually forbid assignment without the other party's consent but often allow it within the same group or to a buyer of the business. Under English law obligations cannot be assigned; transferring the whole contract requires a 'novation'.

Example sentences

  1. This agreement prohibits assignment without the other party's prior written consent.

  2. The assignment of the receivables to the bank was notified to all customers.

Common collocations

  • assignment clause
  • assignment of receivables
  • prohibit assignment
  • deed of assignment
  • partyA person or organisation that has signed a contract or is directly involved in a legal agreement or dispute.
  • clauseA numbered section of a contract that deals with one specific subject, such as payment, confidentiality or termination.
  • intellectual propertyLegal rights over creations of the mind, such as inventions, brands, designs, software and written works; the main types are patents, trademarks, copyright and designs.
  • amendmentA change made to the text of a signed contract, usually agreed in writing by all the parties.

More terms: Contract Terms & Clauses

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This page explains English vocabulary for learners. It is not legal advice.