A cession agreement is a legal contract where one party, known as the cedent, transfers their rights or interests in a specific asset or obligation to another party, called the cessionary. This type of agreement is commonly used in various fields, including finance and real estate, to facilitate the transfer of ownership or claims without the need for a complete sale. In a cession agreement, the terms and conditions are clearly outlined, specifying what is being transferred and any obligations that remain with the cedent. This ensures that both parties understand their rights and responsibilities, making the process smoother and reducing the potential for disputes in the future.