The Notice of Assignment of Accounts Receivable is a crucial document in Indian business transactions where a creditor transfers their right to receive payment to another party. This document is commonly used in factoring arrangements, debt sales, or business restructuring scenarios. Under Indian law, while an assignment of receivables can be valid between the assignor and assignee without notice, proper notification to the debtor is essential to establish the assignee's rights and ensure legal enforceability. The notice must comply with the Transfer of Property Act, 1882, and related regulations, containing specific details about the original debt, the assignment, and new payment instructions. It's particularly important in scenarios where businesses need to maintain cash flow through receivables financing or when restructuring their debt obligations.
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1. Date and Address Block: Current date and full contact details of the debtor (recipient)
2. Reference Line: Clear reference to the original agreement/invoice number and date
3. Notice Subject: Clear heading indicating this is a Notice of Assignment of Accounts Receivable
4. Opening Statement: Formal opening identifying the assignor (original creditor) and the assignment to the assignee
5. Original Debt Details: Description of the original agreement/invoice and the amount of receivables being assigned
6. Assignment Declaration: Clear statement of the assignment, including the effective date
7. Payment Instructions: New payment details and instructions for future payments to the assignee
8. Acknowledgment Request: Request for the debtor to acknowledge receipt of the notice
9. Contact Information: Details for any queries or correspondence regarding the assignment
10. Signature Block: Signatures of both assignor and assignee
1. Multiple Receivables Statement: Include when the assignment covers multiple invoices or receivables
2. Partial Assignment Details: Required when only a portion of the receivables is being assigned
3. Special Payment Terms: Include if there are specific payment arrangements or conditions
4. Governing Law Statement: Include when dealing with inter-state or international assignments
5. No-Set-Off Clause: Include when the assignor wants to prevent the debtor from setting off claims
6. Confidentiality Statement: Include when the assignment contains sensitive commercial information
1. Schedule A - Details of Assigned Receivables: Detailed list of all receivables being assigned, including invoice numbers, dates, and amounts
2. Schedule B - Copy of Original Agreement/Invoice: Copy or details of the original agreement or invoice creating the receivable
3. Schedule C - Assignment Agreement Extract: Relevant extract from the assignment agreement (if required)
4. Schedule D - Payment Instructions: Detailed banking or payment information for future payments
5. Appendix 1 - Acknowledgment Form: Form for the debtor to sign and return confirming receipt of the notice
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