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Assignment Of Claim Agreement Template for Ireland

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Key Requirements PROMPT example:

Assignment Of Claim Agreement

"I need an Assignment of Claim Agreement under Irish law to transfer a €500,000 commercial debt claim from our manufacturing company to a debt collection agency, with completion scheduled for March 15, 2025."

Document background
The Assignment Of Claim Agreement is a vital legal instrument used in Irish commercial practice when one party wishes to transfer their rights in a claim to another party. This document is commonly utilized in debt trading, corporate restructuring, or when businesses need to monetize their receivables. The agreement must conform to Irish legal requirements, including those set out in the Judicature Act (Ireland) 1877 and subsequent legislation. It typically contains detailed information about the claim being assigned, the consideration being paid, warranties about the claim's validity, and provisions for notifying the debtor. The document is particularly important in financial transactions, debt collection, and corporate reorganizations where the transfer of rights needs to be formally documented and legally enforceable under Irish law.
Suggested Sections

1. Parties: Identifies and defines the Assignor, Assignee, and any other relevant parties to the agreement

2. Background: Sets out the context of the assignment, including details of the original claim and the parties' intention to transfer it

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules of interpretation

4. Assignment: Core clause that effectuates the transfer of the claim from Assignor to Assignee, including the scope of rights transferred

5. Consideration: Specifies the payment or other consideration for the assignment

6. Representations and Warranties: Assignor's warranties regarding ownership, validity, and enforceability of the claim

7. Notification and Perfection: Requirements for notifying the debtor and any other steps needed to perfect the assignment

8. Further Assurance: Obligation to execute additional documents or take further actions if needed to give effect to the assignment

9. Governing Law and Jurisdiction: Specifies Irish law as governing law and establishes jurisdiction for disputes

Optional Sections

1. Security Interest: Required if the assignment is being made as security rather than an absolute assignment

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

3. Anti-assignment Provisions: Required when addressing any existing restrictions on assignment in the underlying contract

4. Costs and Expenses: Include when there are specific arrangements for bearing costs of the assignment

5. Data Protection: Required when personal data is involved in the assigned claim

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

7. Power of Attorney: Include when the assignee needs specific powers to act in the assignor's name

Suggested Schedules

1. Schedule 1 - Details of the Claim: Detailed description of the claim being assigned, including relevant dates, amounts, and parties

2. Schedule 2 - Original Contract: Copy of the contract or document that gives rise to the assigned claim

3. Schedule 3 - Form of Notice: Template notice to be sent to the debtor informing them of the assignment

4. Schedule 4 - Related Documents: List and/or copies of any additional documents relevant to the claim

5. Schedule 5 - Calculation of Consideration: If applicable, detailed breakdown of how the consideration was calculated

Authors

Alex Denne

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

Relevant legal definitions






























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Relevant Industries

Financial Services

Banking

Insurance

Debt Collection

Corporate Restructuring

Asset Management

Commercial Real Estate

Healthcare

Construction

Manufacturing

Relevant Teams

Legal

Finance

Treasury

Credit Control

Debt Collection

Risk Management

Compliance

Commercial Operations

Corporate Development

Legal Operations

Relevant Roles

Legal Counsel

Corporate Lawyer

Finance Manager

Credit Manager

Debt Collection Manager

Commercial Director

Risk Manager

Contract Administrator

Chief Financial Officer

Treasury Manager

Compliance Officer

Legal Operations 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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