An Assignment Of Receivables Agreement is commonly used when businesses need to improve cash flow, secure financing, or restructure their receivables portfolio. Under English and Welsh law, this document formally transfers the right to collect payment from the assignor to the assignee, including details of the receivables, consideration, warranties, and notice requirements. It's particularly valuable for businesses seeking invoice factoring, debt financing, or restructuring their assets, and must comply with specific legal requirements for valid assignment under UK legislation.
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1. Parties: Identification of assignor and assignee with full legal names and addresses
2. Background: Context of the assignment and description of the underlying receivables being assigned
3. Definitions: Key terms used throughout the agreement including 'Receivables', 'Assignment Date', 'Consideration'
4. Assignment: Core provisions effecting the legal transfer of receivables from assignor to assignee
5. Consideration: Details of payment or other consideration provided for the assignment
6. Representations and Warranties: Assignor's confirmations about ownership, existence and validity of the receivables
7. Further Assurance: Obligations to take additional steps to perfect the assignment and assist with enforcement
8. Governing Law and Jurisdiction: Specification of English and Welsh law as governing law and jurisdiction of courts
1. Security Provisions: Additional provisions required when the assignment is by way of security rather than absolute assignment
2. Data Protection: Provisions for handling personal data when receivables involve individual debtors
3. Notice Requirements: Specific provisions about the timing and method of notifying debtors of the assignment
4. Consumer Protection: Additional provisions required when receivables involve consumer debtors
1. Schedule of Receivables: Detailed list and description of all receivables being assigned
2. Form of Notice: Template notice to be sent to debtors informing them of the assignment
3. Powers of Attorney: Form of power of attorney where assignee is granted power to act in assignor's name
4. Excluded Receivables: List of any receivables specifically excluded from the scope of the assignment
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