Security Contracts

This is when the original party (the assignor) transfers its rights and obligations under a contract to another party (the assignee). The assignee then takes over the contract responsibilities.

This is slightly different—it’s when all parties (including the client or the other original party) agree to replace the original contract with a new one, transferring both rights and obligations to the new company. This fully releases the original company from the contract

completely nullifies the contract and attempts to put both parties back in the position they were in before the agreement was made.