Document background
The Assignment Of Payment Agreement is commonly used in Singapore when a party wishes to transfer their right to receive payments to another party, often for financing or debt settlement purposes. This document, governed by Singapore law, specifies the terms of the transfer, including the exact payment rights being assigned, consideration for the assignment, and necessary warranties. It's particularly important in commercial transactions where businesses need to monetize their receivables or restructure their payment arrangements. The agreement must comply with Singapore's legal requirements for valid assignments, including proper notice to the debtor and clear documentation of the transfer.
