A Contract Assignment Agreement is a legally binding document that allows an individual or business to assign the rights and responsibilities of their contract to another party. This can be done with or without consideration (payment) and is just as legally enforceable as the original agreement. It is important to ensure that all parties involved understand the scope and implications of the assignment and sign off on it in writing. By doing this, any expectations set out by the original contract are cleared and everyone involved has a clear understanding of their roles and obligations.