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How does your subscriber assign its contract to another entity or person
December 15, 2023
How does your subscriber assign its contract to another entity or person
          We typically have a new client sign a new All in One once we are aware an ownership change, but a simple assignment agreement would be nice with places that turnover ownership frequently, like storage facilities. I think it would be good if you had one- we would buy it.
          The Kirschenbaum Contracts™ are not assignable by the subscriber.  The subscriber is expected to perform for the full term of the agreement.  A subscriber who wants to assign the contract to another entity or person will need your consent, which you are not obliged to give.  But you likely care more about getting paid than chasing a subscriber who wants to cancel and may not have sufficient assets for you to pursue, so you may be happy to agree to let another entity or person take over the contract and finish paying the RMR for the term of the contract.
          When this scenario arises you have a few choices to present:
  *  you can terminate the existing contract and sign the new customer up to a new contract
  *  you can permit the existing customer to assign the contract to a new customer
          Of course the existing and new customer may have their own ideas of how they want to proceed, and that might include the assignment option. 
          An assignment of a contract requires a formal agreement, not something that you do on a napkin.  There are a few issues that should be and are typically addressed in an assignment agreement; among them,
  *  the assignment
  *  an assumption of the agreement
  *  acknowledgment that the agreement is valid and enforceable
  *  indemnity between the existing and new customer
          K&K has added a new Assignment and Assumption Agreement to the Standardize Forms and the agreement is available now.  It provides for a few options and covers your bases; it should be satisfactory to the existing and new customer.  You can order the Assignment and Assumption Agreement at

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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301