Assignments - who has subcontracted an electrician to...

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Assignments The term assignments mean the transfer of one’s rights and or duties under a contract. There are three phases of assignment. Phase 1 is when an agreement is made between the obligor, the party that is obligated to perform, and the obligee, the party that is to receive performance. Essentially it is the forming of the contract. The second phase is when the Obligee assigns the right to receive performance to the Assignee. Finally in the third phase the Obligor is obligated to perform their duty to the Assignee. An example of this would be a Construction Company “A”
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Unformatted text preview: who has subcontracted an electrician to install wire in the buildings under construction. Construction Company “A” wants to sell the buildings to construction company “B” but keep all of the subcontracts in place. Construction Company “B” would be the Assignee and the electrician would be the Obligor and would still be responsible to complete the contract of installing wire in the buildings for Construction Company “B”....
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