A General Assignment is a process in which a debtor gives away his property or possessions to a company or an individual and in return, he wants the other party to sell his property and pay back his debts to his creditors. The person who gives away his possessions or property is known as the assigner and the other party that receives it is known as the assignee. In order to go through this process, the assigner and assignee are required to sign the contract known as the General Assignment Agreement. You can also review our collection of free Assignment Forms in order to prepare and print your own Assignment Agreement.

Key Elements to Include in the General Assignment Agreement:

• Name of the person i.e. debtor or assignor who is assigning his property to another party with complete address
• Name of the person who is getting the property i.e. assignee with complete address
• Date when the general assignment is being signed by the assignor
• Details of the assignment given by the assignor i.e. type of property or asset, legal or market value of the assignment, type of assignment i.e. general, partial, or special, etc.
• Reasons for assigning the property to someone else are explained by the assignor
• A written statement that the assignor is willingly assigning the property to the assignee
• Responsibilities and obligations of the assignee after receiving the assignment
• Details of the other creditors that the assignee will pay on behalf of the assigner after receiving his property
• Financial compensation or other kind of favor that the assignee has agreed to pay to the assigner in exchange for the assignment
• Signature of the assigner and assignee with witnesses

Here is a preview of a Free Sample General Assignment Agreement created as a fillable PDF Form,

Here is the download link for this General Assignment Agreement,

Types of General Assignments:

General Assignment Agreements come in various forms, each serving a specific purpose in business and legal contexts. Here are some common types of General Assignment Agreements:

1. General Assignment for the Benefit of Creditors (ABC):
   • This type is used when a business is insolvent and voluntarily transfers its assets to a third party (the assignee) who liquidates the assets and distributes the proceeds to creditors.
2. Intellectual Property Assignment Agreement:
   • This agreement transfers ownership of intellectual property (IP) rights from one party to another. It can cover patents, trademarks, copyrights, trade secrets, and other IP types.
3. Real Estate Assignment Agreement:
   • Used in real estate transactions to transfer the rights and obligations of a real estate purchase agreement from the original buyer (assignor) to a new buyer (assignee).
4. Contract Assignment Agreement:
   • This agreement allows one party to transfer its contractual rights and obligations to another party. It is commonly used in various business contracts.
5. Debt Assignment Agreement:
   • In this type, a creditor assigns its rights to collect a debt to another party, often a debt collection agency or another creditor.
6. Lease Assignment Agreement:
   • This agreement transfers the rights and obligations of a lease from the original tenant (assignor) to a new tenant (assignee).
7. Assignment of Accounts Receivable:
   • Businesses use this to transfer the right to collect payments on accounts receivable to another party, often for financing purposes.
8. Equity Assignment Agreement:
   • Used to transfer ownership of equity interests, such as shares in a company, from one party to another.

Each type of General Assignment Agreement has specific legal requirements and implications, and it’s essential to tailor the agreement to the particular context and ensure compliance with relevant laws and regulations.