Term of the Day

assignment Transfer of ownership of a property, or of benefits, interests, liabilities, rights under a contract (such as an insurance policy), by one party (the assignor) to another (the assignee) by signing a document called deed of assignment. Compare with novation. See also absolute assignment and collateral assignment.

assignment is in the Agreements & Contracts and Corporate, Commercial, & General Law subjects.

assignment appears in the definitions of the following terms: batch cost, assignment under documentary credit, insubordination, cost allocation, and surety.