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Assignment Of Claim Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Assignment Of Claim Agreement

"I need an Assignment of Claim Agreement under UAE law to transfer a commercial debt of AED 500,000 from my trading company to a debt collection agency, with the assignment to take effect from March 15, 2025."

Document background
The Assignment Of Claim Agreement is a crucial legal instrument in the UAE business environment, used when one party wishes to transfer their rights or claims against a third party to another entity. This document type is commonly utilized in debt assignments, factoring arrangements, corporate restructuring, and settlement of commercial disputes. The agreement must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and related commercial regulations, which set specific requirements for valid assignments. The document typically includes detailed information about the assigned claim, warranties about its validity, consideration for the transfer, and mechanisms for enforcement. It's particularly relevant in scenarios involving debt collection, business acquisitions, or financial restructuring, where claims need to be legally transferred between parties while maintaining enforceability under UAE law.
Suggested Sections

1. Parties: Identification of the Assignor (current claim holder) and Assignee (party receiving the claim), including full legal names and addresses

2. Background: Context of the original claim, relationship between parties, and reason for assignment

3. Definitions: Key terms used throughout the agreement, including 'Assigned Claim', 'Effective Date', 'Original Debtor', etc.

4. Assignment: Core provision transferring the claim from Assignor to Assignee, specifying the claim details and scope of rights transferred

5. Consideration: Details of payment or other consideration for the assignment

6. Representations and Warranties: Assignor's confirmations regarding ownership, right to assign, and status of the claim

7. Completion: Actions to be taken to complete the assignment, including delivery of documents and notices

8. Further Assurance: Obligations to execute additional documents or take further actions if needed

9. Notices: Process and requirements for giving formal notices under the agreement

10. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction for disputes

Optional Sections

1. Security: Required when the assigned claim includes any form of security or collateral

2. Conditions Precedent: Include when the assignment is subject to certain conditions being met before becoming effective

3. Non-Competition: Include when restricting Assignor from competing for similar claims or business

4. Confidentiality: Required when sensitive commercial information is involved

5. Tax Provisions: Include when there are specific tax implications or allocations

6. Power of Attorney: Include when Assignee needs specific powers to act in Assignor's name

7. Partial Assignment: Required when only part of a claim is being assigned

Suggested Schedules

1. Details of Assigned Claim: Comprehensive description of the claim being assigned, including value, due date, and payment terms

2. Original Contract: Copy of the contract or document that created the original claim

3. Related Security Documents: Copies of any security documents, guarantees, or collateral agreements

4. Notice of Assignment: Form of notice to be sent to the Original Debtor

5. Payment Details: Schedule of consideration payments and bank account details

6. Supporting Documents: List and copies of relevant correspondence, invoices, or other supporting documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























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Relevant Industries

Banking and Financial Services

Insurance

Real Estate

Construction

Manufacturing

Trading and Commerce

Professional Services

Healthcare

Telecommunications

Energy and Utilities

Relevant Teams

Legal

Finance

Credit Control

Risk Management

Commercial Operations

Business Development

Compliance

Treasury

Accounts Receivable

Corporate Secretariat

Debt Collection

Relevant Roles

Legal Counsel

Chief Financial Officer

Finance Director

Credit Manager

Collections Manager

Risk Manager

Commercial Director

Business Development Manager

Contract Manager

Compliance Officer

Corporate Secretary

Treasury Manager

Accounts Receivable Manager

Legal Director

Chief Legal Officer

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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