Assignment of Contract
Assignment of Contract
Transfer of Subcontractor Agreements or Construction Contracts
Prepared By: [Your Name]
Introduction
This Assignment of Contract document is prepared to formalize the transfer of subcontractor agreements or construction contracts from [Your Company Name] to a new contractor. This comprehensive guide outlines the necessary terms and details to ensure a smooth transition and compliance with contractual obligations.
I. Parties Involved
Assignor:
[Your Company Name]
[Your Company Address]
Contact Email: [Your Company Email]
Contact Number: [Your Company Number]
Representative: [Your Name]
Assignee:
Prestige Construction Services, Inc.
789 Elm Street, Suite 101, Springfield, IL 62701
Contact Email: contact@prestigeconstruction.com
Contact Number: (555) 987-6543
Representative: Jane Smith
Original Contract Counterparty:
Elite Development Partners, LLC
456 Oak Avenue, Suite 200, Springfield, IL 62703
Contact Email: contracts@elitedevpartners.com
Contact Number: (555) 555-5555
Representative: Michael Johnson
II. Description of the Original Contract
Original Contract Title:
Subcontractor Agreement for Building Renovation
Contract Date:
January 15, 2048
Scope of Work:
-
Description of Work: Renovation of the commercial building located at 5678 Maple Street, Springfield, IL 62705. This includes structural repairs, electrical upgrades, and interior finish work.
Contract Terms:
-
Duration: 12 months
-
Payment Terms: Monthly payments upon receipt of invoice
Completion Milestones:
|
Milestone |
Description |
Date |
|---|---|---|
|
1 |
Completion of initial demolition and cleanup |
February 20, 2048 |
|
2 |
Installation of electrical systems |
May 15, 2048 |
|
3 |
Final inspection and handover |
January 15, 2049 |
III. Assignment Terms
Transfer of Rights and Obligations:
The assignor hereby transfers all rights, responsibilities, and obligations under the original contract to the assignee. The assignee agrees to assume and perform all duties specified in the original contract as if they were the original party.
Effective Date of Assignment:
This assignment becomes effective on September 15, 2050.
Consent from Original Contract Counterparty:
The assignor confirms that consent has been obtained from the original contract counterparty, or will be obtained, to transfer the contract to the assignee.
IV. Signatures
Assignor:
Name: [Your Name]
Title: Project Manager
Date: September 10, 2050
Assignee:
Name: Jane Smith
Title: Operations Director
Date: September 10, 2050
Original Contract Counterparty:
Name: Michael Johnson
Title: Contract Administrator
Date: September 12, 2050
V. Additional Terms
Indemnity Clause:
The assignee agrees to indemnify and hold harmless the assignor from any claims, damages, or liabilities arising from the performance of the contract after the effective date.
Governing Law:
This assignment is governed by the laws of Illinois.
Dispute Resolution:
Any disputes arising from this assignment shall be resolved through mediation, and if unresolved, through arbitration.
Contact Information for Further Communication:
Assignor:
Email: [Your Email]
Phone: [Your Company Number]
Assignee:
Email: contact@prestigeconstruction.com
Phone: (555) 987-6543
This document serves as a comprehensive record of the transfer of subcontractor agreements or construction contracts from [Your Company Name] to Prestige Construction Services, Inc. Ensure that all parties retain a copy for their records and that all necessary consents and approvals are documented.
