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Assignment Of Receivables Agreement

Assignment Of Receivables Agreement Template for India

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Key Requirements PROMPT example:

Assignment Of Receivables Agreement

"I need an Assignment of Receivables Agreement for my manufacturing company to assign Rs. 50 million worth of trade receivables to HDFC Bank Limited, with the assignment being with recourse and including a collection agent arrangement."

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Document background
The Assignment Of Receivables Agreement is a crucial document in Indian commercial and financial transactions, used when a party wishes to transfer its rights to receive payments to another entity. This transfer might be for various purposes, including raising immediate finance, debt collection, or business restructuring. The agreement must comply with Indian legislation, particularly the Transfer of Property Act, 1882, the Indian Contract Act, 1872, and applicable stamp duty laws. It typically includes detailed information about the receivables being assigned, payment terms, representations and warranties, and enforcement mechanisms. The document is particularly important in factoring arrangements, securitization transactions, and debt assignments, requiring careful attention to regulatory requirements, especially when financial institutions are involved.
Suggested Sections

1. Parties: Identifies the Assignor and Assignee with their complete legal names, addresses, and registration details

2. Background: Explains the context of the assignment, including details about the original contract/debt and the reason for assignment

3. Definitions: Defines key terms used throughout the agreement, including 'Receivables', 'Assignment Date', 'Consideration', etc.

4. Assignment: Core clause specifying the assignment of receivables, consideration, and effective date

5. Representations and Warranties: Assignor's declarations regarding ownership, right to assign, and status of receivables

6. Assignor's Covenants: Ongoing obligations of the Assignor, including cooperation in enforcement and non-interference

7. Notice and Communication: Requirements for notifying the debtor and other relevant parties about the assignment

8. Payment Mechanisms: Procedures for collecting and transferring payments post-assignment

9. Indemnification: Provisions for indemnifying the Assignee against claims or defects in the assigned receivables

10. Governing Law and Jurisdiction: Specifies Indian law as governing law and designates jurisdiction for disputes

Optional Sections

1. Security Provisions: Required when additional security is provided for the assigned receivables

2. True Sale Provisions: Included when the assignment needs to be structured as a true sale rather than a security arrangement

3. Recourse Provisions: Used when the assignment is with recourse to the Assignor

4. Collection Agent Provisions: Needed when a third-party collection agent is appointed

5. Step-In Rights: Required when Assignee needs rights to step into Assignor's position in certain circumstances

6. Registration and Stamping: Detailed provisions about registration requirements when applicable under state laws

7. Regulatory Compliance: Required when either party is regulated entity (like banks/NBFCs)

8. Future Receivables: Included when the assignment covers future receivables

Suggested Schedules

1. Schedule 1 - Details of Receivables: Comprehensive list of all receivables being assigned, including amounts, due dates, and debtor details

2. Schedule 2 - Original Contracts: List and copies of the original contracts giving rise to the receivables

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

4. Schedule 4 - Payment Details: Bank account and payment mechanism details for receiving payments

5. Schedule 5 - Power of Attorney: Format of Power of Attorney if being granted by Assignor to Assignee

6. Appendix A - Compliance Certificates: Format of compliance certificates to be provided by the Assignor

7. Appendix B - Assignment Deed: Format of the actual deed of assignment if required under local law

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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





































Clauses






























Relevant Industries

Banking and Financial Services

Manufacturing

Trading and Commerce

Information Technology

Real Estate

Infrastructure

Healthcare

Retail

Logistics and Supply Chain

Professional Services

Relevant Teams

Legal

Finance

Treasury

Accounts Receivable

Credit Control

Risk Management

Commercial

Company Secretarial

Collections

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Accounts Receivable Manager

Credit Controller

Legal Counsel

Company Secretary

Risk Manager

Commercial Director

Financial Controller

Collections 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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