CONTRACT ASSIGNMENT AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Contract Assignment Agreement (the "Agreement") is made and entered into this _______ day of _____________________, 20_____ at the City/Municipality of _____________________, Province of ________, by and between:

________, Filipino, of legal age, and with address at ________, hereinafter referred to as the "Assignor"

- and -

________, Filipino, of legal age, and with address at ________, hereinafter referred to as the "Assignee"

WITNESSETH:

WHEREAS, Assignor entered into a Contract dated ________ with ________, a copy of which is hereto attached and made an integral part hereof as Annex "A";

WHEREAS, Assignor wishes to assign all their rights and obligations under the Contract with ________ to Assignee;

WHEREAS, the necessary written consent was obtained from ________ on ________, a copy of which is hereto attached and made an integral part hereof as Annex "B";

NOW THEREFORE, for and in consideration of the foregoing premises, the parties hereto have agreed on the following terms and conditions:

I. ASSIGNMENT

Assignor hereby waives, assigns, and transfers all their rights, titles, and interests and delegate all of the obligations, duties, and responsibilities, in and to the Contract with ________ in favor of Assignee.

II. ASSUMPTION

Assignee hereby assumes all of Assignor's obligations, responsibilities, and duties and accepts all of Assignor's rights, titles, and interests under the Contract with ________.

III. INDEMNIFICATION

A. Assignor agrees to defend and indemnify Assignee from any and all claims, actions, judgments, liabilities, proceedings, and costs, including reasonable attorney's fees and other costs of defense and damages, arising out of or in connection to the acts, omissions, and negligence of Assignor in connection to or arising out of the Contract with ________ prior to the assignment of the Contract with ________.

B. Assignee agrees to defend and indemnify Assignor from any and all claims, actions, judgements, liabilities, proceedings, and costs, including reasonable attorney's fees, and other costs of defense and damages, resulting from Assignee's acts, omissions, and negligence of Assignee in connection to or arising out of the Contract with ________ after the assignment of the Contract with ________.

IV. WARRANTIES

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V. ENTIRE AGREEMENT

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VI. BINDING EFFECT

This Agreement shall be valid and binding upon all of the Parties' successors, transferees, heirs, and assigns.

VII. GOVERNING LAW

This Agreement shall be governed and construed in accordance with the laws of the Republic of the Philippines.

IN WITNESS WHEREOF, the Parties have hereunto affixed their signature on the date and at the place stated above.

________
Assignor

________
Assignee