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The Bill of Sale and Assignment of Contract Rights is a legal document that is designed to achieve a dual purpose: One is to facilitate a sale and the other is the assignment of contract. One person, the assignor, transfers right by agreement to another person, the assignee, to execute some specific tasks. The assignor signs this form to give the assignee power to take over the contract and execute it. The form consists of four sections, namely: sale and transfer of assets and contract rights, further actions, power of attorney, terms of the purchase agreement. In each of these four sections, the assignor must provide information on various particulars of the sale and transfer contract so that it can be legally executed.
If the assignor is a corporation, the individual signing on behalf of the organization must specify his name as well as his designation in the corporation. This has to be done for power to be transferred to the assignee.
The bill of sale and assignment of contract rights document does not need any notarization to be legally valid.
How to Fill : Bill of Sale and Assignment of Contract Rights Form
Under ‘‘Sale and Transfer of Assets and Contract Rights’’
Step 1: Enter the pursuant law code for the specific asset purchase agreement you are drafting.
Step 2: Enter the date in which the agreement is being executed
Step 3: Enter the name of the corporation that is the seller
Step 4: Enter the state in which the seller is located
Step 5: Enter the name of the corporation that is the buyer
Step 6: Enter the state in which the buyer is located
Step 7: Enter the accurate and detail time, including the hour and minute, of the execution of the agreement
Step 8: Enter the date of execution immediately after step 7
Under ‘‘Terms of the Purchase Agreement’’
Step 9: Enter the date of execution of agreement
Step 10: Enter the name of corporation that is the seller. In the next space, write the state in which the corporation is located
Step 11: The authority signing on behalf of the seller should enter his name
Step 12: The authority signing on behalf of the seller should enter his designation
