Contract assignment is a term used to describe a process where an existing contract is transferred or delegated to another party. However, there are other phrases that can be used in place of contract assignment, such as contract transfer, contract reassignment, contract conveyance, and contract handover. All of these phrases essentially mean the same thing, namely, a transfer of an existing contract to a different party. While the terminology may vary, the concept behind contract assignment remains constant. It is an essential process that enables businesses to transfer the benefits and obligations of a contract to another party, helping to streamline the negotiation and execution of contracts.