An assignment of contract transfers one party's rights and obligations under an existing agreement to a third party — common in real estate deals, business sales, and contract flipping — but whether it's actually allowed depends entirely on what the original contract says.
Check the original contract's anti-assignment clause first
Many contracts include a clause restricting or outright prohibiting assignment without the other party's consent. Assigning a contract that prohibits it — even with a properly drafted assignment document — can constitute a breach of the original agreement.
Assignment vs. delegation
Assigning rights (like the right to receive payment) is often treated differently from delegating duties (like the obligation to perform work) — some contracts allow one but not the other, a distinction that matters for what the assignment document actually needs to cover.
The original party isn't always released
Unless the other party specifically agrees to a novation (a full substitution releasing the original party), an assignment alone may leave the assignor still liable if the new party fails to perform — an important distinction to document clearly.
Getting the assignment properly documented
A well-drafted assignment identifies exactly what's being assigned, confirms any required consent from the other original party has been obtained, and addresses whether the assignor remains liable — gaps here are a common source of disputes after the fact.