Many types of transfers – including the transferal of legal rights, powers, and interests – fall under the domain of a variety of legal forms known as “assignments.” Within the scope of law and business, you will have certain powers and rights available to you – an assignment is typically a legal form for granting these powers and rights to others, often within a commercial context.

Though a legal assignment refers mainly to a transferal, its uses can be wide-ranging. For example, debt collection agencies are typically awarded assignments of debts in order to pursue the debt on your account. The assignment of your debt from one party from another required a legal form not only to facilitate the transaction itself, but also to serve as proof that the interest in question truly has been assigned – or transferred – from one party to another.

In addition to many commercial uses – such as assigning a domain name to another person after a sale – assignments can also be used in order to transfer contracts themselves. These cases are often effective demonstrations of what assignments are, requiring that the person being assigned the contract not only take on the positive aspects of the contract but also the obligations and indemnifications thereof. The result is that many assignments often transfer all aspects of the possession in question to the new owner, including responsibilities.