Order Management. Lost password? Legal and Contractual Assignment describes the mechanisms that the local authority could include in the contract to mitigate contractor insolvency risk. Steely City Council SCC have contacted your PQS practice for advice on what temporary arrangement they could use, prior to a substantive contract, to engage a construction contractor to reconstruct a main bridge on an arterial road. The bridge collapsed following a week of torrential rain in the region.
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Strong partnerships, mutual understanding, legal obligations, and proper scope of work are born through contracts. Every contract specifies what rights are retained, what conditions and enforced, and more. But what if the responsibilities and rights under a contract are handed to another party? That is where an assignment of contract commences, wherein one party transfers or assigns specific rights, properties, and responsibilities to a third party.
An assignment  is a legal term used in the context of the law of contract and of property. In both instances, assignment is the process whereby a person, the assignor , transfers rights or benefits to another, the assignee. The right or benefit being assigned may be a gift such as a waiver or it may be paid for with a contractual consideration such as money. The rights may be vested or contingent,  and may include an equitable interest.