The Accounts Receivable Assignment Agreement is essential for businesses seeking to monetize their receivables or obtain financing against their accounts receivable in Singapore. This document is commonly used in factoring arrangements, asset-based lending, and securitization transactions. It must comply with Singapore's legal framework, including the Civil Law Act, Companies Act, and relevant banking regulations. The agreement typically includes detailed provisions about the receivables being transferred, the purchase price or consideration, representations about the quality of the receivables, and the mechanism for notification to debtors.
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Key Requirements PROMPT example:
Accounts Receivable Assignment Agreement
"Need an Accounts Receivable Assignment Agreement under Singapore law to transfer $5M worth of trade receivables from our manufacturing business to ABC Bank Ltd as part of a factoring arrangement, with completion targeted for March 2025."
1. Parties: Identification of assignor and assignee
2. Background: Context of the assignment and existing commercial relationship
3. Definitions: Key terms used in the agreement including Receivables, Assignment Date, and Collection Account
4. Assignment: Core terms of the assignment of receivables including scope and effective date
5. Consideration: Payment or other consideration for the assignment
6. Representations and Warranties: Assignor's confirmations regarding the receivables, ownership, and absence of encumbrances
7. Notice Requirements: Procedures for notifying debtors of the assignment
8. Governing Law: Specification of Singapore law as governing law and jurisdiction
1. Security Provisions: Additional security arrangements and perfection requirements
2. Data Protection: PDPA compliance provisions for handling personal data
3. Tax Provisions: Specific tax treatment arrangements including GST considerations
4. Further Assurance: Obligation to execute additional documents and provide assistance
1. Schedule of Receivables: Detailed list of assigned receivables including debtor details and amounts
2. Form of Notice: Template notice to be sent to debtors regarding the assignment
3. Payment Details: Bank account and payment information for collection of receivables
4. Existing Charges: List of existing charges or encumbrances over the receivables
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