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Assignment refers to transferring contractual rights and responsibilities from one party (the assignor) to another (the assignee). Commonly, individuals might assign loan obligations, lease agreements, or intellectual property usage, enabling a smooth replacement without signing a brand-new contract. Upon successful assignment, the new party inherits all duties—payments, usage constraints, etc.—while the assignor relinquishes them.
Assignment brings flexibility, whether someone exits an agreement prematurely or capitalizes on beneficial terms, ensuring continuity without renegotiating an entire contract.
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