Definitions for "Assumption Agreement"
(U.S.) An agreement that a production company must sign with the A. F. of M. in order to use the services of union members on a film or television music recording session. The agreement covers various issues including who is responsible for paying potential future payments to the musicians based on any new uses of the music. The agreement also specifies any special payments to the musicians that may be required in the future based on the success of the film.
an agreement to take over an obligation or debt that belongs to another person. If you're interested in foreclosed homes, you may often get great deals on repossessed properties by signing an assumption agreement with a house owner who is facing foreclosure.This means that you essentially purchase the property in pre-foreclosure.
An undertaking of a debt or obligation primarily resting upon another person.