242 Assignment of Engineering Service Contract

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ASSIGNMENT OF ENGINEERING SERVICE CONTRACT

AGREEMENT made

, 20

, between
of

(hereinafter called the ''Assignor''), and
of

(hereinafter called the ''Assignee'').
WHEREAS, Assignor has entered into a contract, dated

, 20

,

(hereinafter called the ''Engineering Contract'') with
(hereinafter called the ''Owner'') for the furnishing of engineering services for the Rural Utilities Service
Project designated
(hereinafter called the ''Project'') pursuant to a loan contract (hereinafter called the ''Loan Contract"), dated
, between the Owner and the United States of America (hereinafter called the
, 20
''Government'') by the Administrator of the Rural Utilities Service (hereinafter called the "Administrator")
and
WHEREAS, the parties hereto desire that the Assignee shall undertake and complete the performance of the
Engineering Contract on behalf of the Assignor;
NOW, THEREFORE, in consideration of the mutual undertakings herein contained, the parties hereto agree
as follows:
1. Assignor hereby assigns all its right, title, and interest in the Engineering Contract to the Assignee.
Contract.

2. Assignee agrees to perform fully and completely all of the Assignor's obligations under the Engineering

3. All sums payable by the Owner under the Engineering Contract which have not heretofore been paid to the
Assignor shall be paid to the Assignee, and such payment shall be in satisfaction of the Owner's obligations under the
Engineering Contract.
4. This Agreement shall become effective only upon approval by the Owner and the Administrator in accordance
with the provisions of the Engineering Contract; provided, however, that such approvals shall not have the effect of
releasing the Assignor from its obligations under the Engineering Contract.
IN WITNESS WHEREOF, the Assignor and the Assignee have hereunto set their hands and seals the day and
hear first above written.

ASSIGNOR

By

ASSIGNEE

By
APPROVED:
OWNER

By
PRESIDENT

RUS Form 242 (Rev. 11-58)