Contract Assignments

Contract Assignments-26
The other original party to the contract is the obligor. An obligor is a party that is obligated to do something under the terms of a contract.An obligor can be an individual, a group, or a business. But obligors can be obligated to duties other than repaying debt.

In our scenario, I assign my right to receive benefits to Green. The benefit can be something tangible, like an antique clock, or something intangible, like life insurance benefits.

Generally, after a valid assignment, all the rights and obligations of the assignor pass to the assignee. The assignee is now responsible for fulfilling any remaining obligations under the contract, and the assignee will reap the benefits of the contract. An assignor can be an individual, a group, or a business.

I owe Green $1,000, so after the first 10 months I assign this contract to Green.

I am the assignor, Green is the assignee, and Red is the obligor. The assignee is the party that receives the rights and obligations under the contract, but wasn't an original party to the contract.

A party can also assign only the benefits of the contract, and retain the obligations. For example, let's say that I sell my TV to Red for $2,000.

Red doesn't have ,000 right now, so he executes an agreement to pay me 0 a month for the next 20 months.

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You might be familiar with the term 'obligor' because it's often used to describe a 'borrower' or a 'debtor'. Obligors can be obligated to perform a particular task or to refrain from a particular activity.

Whenever we have an obligor, we will have an obligee.


Comments Contract Assignments

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