As a professional, I understand the importance of using keywords and phrases that will help websites rank higher on search engine results pages. One phrase that is often used in legal contracts is “contract is assignable.”
To put it simply, when a contract is assignable, it means that the original party in the contract can transfer their rights and obligations to another party. This transfer is known as an assignment.
The phrase “contract is assignable” is commonly used in contracts for business deals, real estate transactions, and employment agreements. By including this clause in a contract, it gives the original party more flexibility in how they can use the contract.
For example, let’s say that a business owner signs a contract with a supplier for a certain product. The contract includes the clause “contract is assignable.” This means that if the business owner decides to sell their business, they can transfer the contract to the new owner. This ensures that the new owner will continue to receive the product from the same supplier, and it also provides added value to the business as a whole.
Another situation where “contract is assignable” may be useful is in the case of a subcontractor. If a contractor signs a contract with a client and then hires a subcontractor to complete a portion of the work, they may use the clause “contract is assignable” to transfer some of their obligations to the subcontractor.
Additionally, including this clause in a contract can make it easier for the original party to enter into new agreements or partnerships. For example, if a company signs a contract with a supplier that is not assignable, it may hinder their ability to partner with other companies that require the same product.
In summary, the phrase “contract is assignable” is an important clause that can provide flexibility and added value to a contract. It allows the original party to transfer their rights and obligations to another party, which can be beneficial in many situations. As a professional, I understand the significance of using keywords and phrases that are important in different industries, and “contract is assignable” is one of them.