While there are many different reasons why you might want to assign your rights to another person, usually it will be to gain a financial advantage... either immediately or over time.

The original author, artist, musician, composer or songwriter etc. will own the Copyright and possibly the Performance Rights (depending on the nature of the work) automatically as soon as the work is created and recorded in an appropriate medium as covered above.

These rights can be sold separately from the work itself. Or they can be retained when the work is sold. When you assign your rights your give away all of your control over the work. You can ask for royalties in return and if you are very lucky some cash up front.

Alternatively you can licence your rights in your work. Here a third party essentially sells your work in some way and you get (hopefully) an upfront payment and/or ongoing royalties in return.

Rights in creative works of all kinds can be further complicated when there are multiple authors and/or performers. Everybody with rights in a work must agree to the terms of any proposed exploitation of them.

Copyright and Performance Rights assignment are complex legal issues. This page only provides the briefest of overviews and is no substitute for professional advice and detailed research. These things, along with a good legal contract, are always required.

If you must supply a contract yourself get one written by a legal eagle with experience in assigning rights, licensing and contract law. If you are given one to sign, get it checked (or explained to you) by an expert first!

Above all else make sure that the contract covers which specific rights are being sold or licensed, the time period the contract covers, and the fees and terms that all concerned parties agree to abide by under the law. Also check under which country's law any disputes will be settled.

All such agreements should be made in writing and signed by everybody involved. Remember that verbal agreements also form contracts and that verbal contracts have been successfully enforced through the courts.

Be very careful to consider all of your options and the potential for future earnings before agreeing to sell or assign your rights.