Debt Assignment Agreement

This means that, in principle, the new contracting party will have exactly the same rights and obligations as the original contracting party.

For example, they will have the same performance obligations and the same rights to termination and damages for breach of contract by the other party.

The consent may be given orally, in writing or may even be implied in certain circumstances.

is a legal term used in the context of the law of contract and of property.

This restriction is to be effective according to article (2) of the Dutch Civil Code.

Assignment also requires “delivery” (levering) of the chose in action.

This involves the termination of the original contract between A and B and the creation of a new contract between A and C.

In a novation, the rights and obligations under the new contract are not necessarily identical to those in the original contract.

For example, if the original contract between the assignor and the debtor contained a force majeure clause and an event occurs which can be classified as force majeure, the clause may be able to exempt the debtor as against the assignee.

In most legal systems assignment only concerns the transfer of rights and not obligations.

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