Deed of Assignment and Novation
KShs 5,000
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An assignment agreement transfers one party’s rights under a contract to another party. The party transferring their rights is the assignor; the party receiving them is the assignee. Under an assignment, only the benefits of the contract are transferred whilst the obligations remain with the assignor. Novation is a mechanism where one party transfers all its obligations and rights under a contract to a third party, with the consent of the original counterparty. This standard document has integrated notes with important explanations and drafting tips.
An assignment agreement transfers one party’s rights under a contract to another party. The party transferring their rights is the assignor; the party receiving them is the assignee. Under an assignment, only the benefits of the contract are transferred whilst the obligations remain with the assignor. Novation is a mechanism where one party transfers all its obligations and rights under a contract to a third party, with the consent of the original counterparty. This standard document has integrated notes with important explanations and drafting tips.