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Assignment Of Claim Agreement

Assignment Of Claim Agreement Template for Malaysia

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Key Requirements PROMPT example:

Assignment Of Claim Agreement

"I need an Assignment of Claim Agreement for my company to transfer a construction debt claim of RM 2.5 million to a debt collection agency, with the assignment to take effect from March 1, 2025, and including provisions for the agency to act in our name during collection proceedings."

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Document background
The Assignment Of Claim Agreement is a crucial legal instrument in Malaysian business and legal practice, used when one party wishes to transfer their legal rights, claims, or receivables to another party. This document is particularly relevant in situations involving debt assignments, factoring arrangements, or the transfer of litigation rights. Governed by Malaysian law, particularly the Contracts Act 1950 and Civil Law Act 1956, the agreement must meet specific legal requirements for validity and enforceability. It includes essential details about the claim being assigned, consideration for the assignment, warranties about the claim's status, and any conditions attached to the transfer. The document is commonly used in commercial transactions, debt restructuring, and corporate reorganizations within the Malaysian legal framework.
Suggested Sections

1. Parties: Identification of the Assignor and Assignee with full legal names and addresses

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

3. Definitions: Definitions of key terms used throughout the agreement

4. Assignment: Core provision detailing the transfer of rights from Assignor to Assignee

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

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

7. Further Assurance: Obligation to execute further documents and take additional steps if needed

8. Notices: Process for sending formal communications between parties

9. Governing Law: Specification of Malaysian law as governing law and jurisdiction

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Provisions: Used when the assignment is given as security for another obligation

2. Conditions Precedent: Include when the assignment is conditional upon certain events or actions

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

4. Confidentiality: Include when sensitive commercial information is involved

5. Third Party Rights: Needed when the assignment affects rights of other parties

6. Partial Assignment: Include when only part of a claim is being assigned

7. Cost and Expenses: Include when there are specific arrangements for bearing costs

8. Dispute Resolution: Alternative dispute resolution procedures if desired

Suggested Schedules

1. Schedule 1 - Details of the Claim: Detailed description of the claim being assigned including relevant documents and history

2. Schedule 2 - Original Contract: Copy or details of the contract giving rise to the assigned claim

3. Schedule 3 - Related Documents: Copies of relevant correspondence, notices, or other documents related to the claim

4. Schedule 4 - Payment Details: Details of consideration and payment arrangements if complex

5. Appendix A - Form of Notice: Template for notifying relevant parties of the assignment

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions
























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Relevant Industries

Banking and Financial Services

Insurance

Real Estate

Construction

Manufacturing

Professional Services

Healthcare

Retail

Technology

Energy and Utilities

Telecommunications

Relevant Teams

Legal

Finance

Accounts Receivable

Treasury

Risk Management

Compliance

Commercial Operations

Corporate Secretarial

Credit Control

Relevant Roles

Legal Counsel

Chief Financial Officer

Finance Manager

Accounts Receivable Manager

Credit Controller

Risk Manager

Commercial Director

Company Secretary

Compliance Officer

Contract Manager

Treasury Manager

Legal Director

Claims Manager

Business Development Manager

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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