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Accounts Receivable Purchase Agreement

Accounts Receivable Purchase Agreement for Singapore

Accounts Receivable Purchase Agreement Template for Singapore

An Accounts Receivable Purchase Agreement under Singapore law is a legally binding contract where one party (the seller) sells its accounts receivable to another party (the purchaser) at a discount. The agreement is governed by Singapore's Civil Law Act and related commercial legislation, incorporating specific requirements for assignment of receivables, notice requirements, and perfection of interests under Singapore law. The document details the terms of sale, representations and warranties, purchase price calculations, and ongoing obligations of both parties.

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What is a Accounts Receivable Purchase Agreement?

The Accounts Receivable Purchase Agreement is commonly used in Singapore's commercial landscape when businesses seek to improve their working capital position by monetizing their receivables. This document, governed by Singapore law, establishes the framework for selling accounts receivable, typically at a discount, to financial institutions or other purchasers. It includes crucial elements such as purchase price mechanisms, representations about the quality of receivables, collection procedures, and compliance with Singapore's assignment and notice requirements. The agreement is particularly relevant in trade finance, supply chain finance, and factoring arrangements, providing businesses with an alternative to traditional borrowing.

What sections should be included in a Accounts Receivable Purchase Agreement?

1. Parties: Identification of the purchaser and seller of the receivables

2. Background: Context of the transaction and relationship between parties

3. Definitions: Key terms used throughout the agreement including relevant legislation references

4. Purchase and Sale: Core terms of the receivables purchase including transfer mechanics

5. Purchase Price and Payment: Pricing mechanism, payment terms, and calculation methodology

6. Representations and Warranties: Statements of fact and assurances from both parties regarding the receivables and their authority

7. Covenants: Ongoing obligations of the parties including compliance with laws

8. Events of Default: Circumstances constituting default and consequences

9. Termination: Conditions and process for terminating the agreement

10. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction details

What sections are optional to include in a Accounts Receivable Purchase Agreement?

1. Security Arrangements: Additional security features and collateral requirements when needed

2. Collection Rights: Rights and procedures for collecting receivables when purchaser will directly collect from debtors

3. Servicing Arrangements: Terms for ongoing servicing of receivables when seller continues to service the receivables

4. Data Protection: Specific provisions relating to PDPA compliance when personal data is involved

5. Consumer Protection Provisions: Additional protections when receivables involve consumer debtors

What schedules should be included in a Accounts Receivable Purchase Agreement?

1. Schedule of Receivables: Detailed list and description of receivables being purchased

2. Eligibility Criteria: Specific criteria for receivables to be eligible for purchase

3. Form of Purchase Notice: Standard form for initiating individual purchases

4. Form of Assignment: Standard form for documenting transfer of receivables

5. Calculation of Purchase Price: Detailed methodology and formulae for purchase price calculation

6. Notice Requirements: Forms of notices required for assignment and other communications

Authors

Alex Denne

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

Jurisdiction

Singapore

Publisher

tiktok成人版

Document Type

Financing Agreement

Sector

Capital Markets

Cost

Free to use
Relevant legal definitions








































Clauses































Industries

Civil Law Act (Cap. 43): Primary legislation governing civil law matters and contractual relationships in Singapore, providing the fundamental legal framework for commercial agreements

Sale of Goods Act (Cap. 393): Regulates the sale of goods and provides legal framework for commercial transactions involving the transfer of property in goods

Companies Act (Cap. 50): Governs corporate entities in Singapore, including their capacity to enter into contracts and transfer assets

Conveyancing and Law of Property Act (Cap. 61): Regulates the transfer of property rights and interests, including provisions relevant to the assignment of receivables

Banking Act (Cap. 19): Regulates banking operations and financial services in Singapore, including provisions that may affect receivables financing

Securities and Futures Act (Cap. 289): Governs securities trading and financial instruments, potentially applicable if the receivables are securitized

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore that may affect receivables financing transactions

Moneylenders Act (Cap. 188): Regulates money lending activities and may be relevant if the receivables purchase agreement involves lending characteristics

Consumer Protection (Fair Trading) Act: Protects consumer interests and may be relevant if the underlying receivables involve consumer transactions

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data, relevant for handling customer information in receivables

Property Law Act: Contains provisions relating to property rights and their transfer, including rules affecting assignment of receivables

Registration of Transfers (Protection of Interests) Act: Governs the registration of certain transfers and assignments to protect interests of parties involved

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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