Assignment
The transfer of contractual rights or obligations from one party to another, usually requiring the consent of the non-transferring party.
What it means
Assignment shifts a party's contractual rights (and sometimes obligations) to a third party. Most commercial contracts include an anti-assignment clause requiring written consent for any transfer, often with a carve-out permitting assignment to affiliates or in connection with a merger, acquisition, or sale of substantially all assets. Federal common law and the UCC restrict assignment of personal-service contracts.