ASSIGNMENT OF

A NEW JERSEY CONTRACT

Most contracts permit an assignment as long as the other party to the contract approves the assignment.

And many contracts require the other side to approve an assignment as long as the assignment is "reasonable," meaning that the assignment won't jeopardize the security of the other party or increase the other party's risks of a default.

If your contract requires another’s consent, it's a good idea to get that consent in writing before you commit yourself to a contract assignment.

The down side of assigning a contract is that you may remain responsible for the performance of the contract, if the person to whom you're assigning the contract (called the "assignee") breaches the contract.

The best approach when you're assigning a contract is to make a written assignment agreement. Fredrick P. Niemann, Esq. can help you draft an agreement tailored to your specific circumstances, with language that clearly spells out everyone's responsibilities and rights.

That way, you're less likely to be left holding the contract "bag" if the assignee doesn't live up to his or her contract obligations.

New Jersey Contract Law - Assigning a New Jersey Contract |

Contract Assignment in NJ