The Bill of Sale and Assignment of Contract Rights is a combined document intended to facilitate a sale and assignment of a contract. The assignor intends that the assignee take over the contract by signing and executing this form. The form has four sections comprising of various particulars requested as well as the terms and conditions of sale and transfer of the existing contract to the assignee. The seller or the assignor must prepare this document in entirety, date, and sign it. Notarization of Bill of Sale and Assignment of Contract Rights is not necessary unless required by any of the parties. A corporation is authorized to sign this bill of sale; however, it is necessary that the signing authority must specify his/her name and designation in the corporation.
Please review Section 1 through 4 carefully to understand the nature of provisions made in the Bill of Sale and Assignment of Contract Rights. Section 3 of the form declares that the assignee is granted with a power of attorney in terms of contract rights. Please review all four subsections of section 3 prior to proceeding. Attach Schedule A to Bill of Sale and Assignment of Contract Rights containing the detailed description of the assets as well as contract rights. The description of contract rights and assets specified herein Schedule A is legally obligatory on all parties engaged in the transaction.
How to Write : Bill of Sale and Assignment of Contract Rights
- Enter section number of asset purchase agreement.
- Enter date of execution of asset purchase agreement.
- Enter particulars of the seller as required.
- Enter particulars of the buyer as demanded.
- Enter date and time in the required format.
- Enter date of execution of the bill of sale.
- Enter the particulars of the corporation, your name, designation, and sign on the Bill of Sale and Assignment of Contract Rights to prepare it in entirety.
- Specify contract rights and description of assets in Schedule A and enclose it along with Bill of Sale and Assignment of Contract Rights.
Summary
Bill of Sale and Assignment of Contract Rights cumulatively grants the rights of a contract to assignee as a corporation. The assignor as a corporation must sign and execute this legal instrument to hand over fullest rights to the assignee. In addition, the form has four sections requiring inputs on various particulars of the contract under the assignment and transfer. Please provide accurate and detailed description of the contract rights and assets in Schedule A and attach it with the Bill of Sale and Assignment of Contract Rights for the legal execution of the document. Please prepare Bill of Sale and Assignment of Contract Rights in entirety and provide all requested particulars. Notarization of this Bill of Sale and Assignment of Contract Rights document is not necessary.
