This agreement must clearly establish the calendar date on which the assignment of the debt to the Assumer becomes active. 2 Name and postal address of the debtor. The current holder of the debt. This form is a standard assignment agreement, which describes the transfer of rights, title, interest and obligations from one party known as the assignor to another party known as the assignee. This form is commonly used in both cases. business and personal contexts, including transfer of intellectual property, transfer of assets, rental. An Assignment and Assumption Agreement is a separate document from the contract it transfers. Reasons for creating an assignment and assumption agreement. After two parties enter into a contract, a change in the business climate, a party's equity or other factors may make it necessary to assign the,