The Assignment Of Claim Agreement is a critical document used in Saudi Arabian business transactions when one party wishes to transfer its rights in a claim or receivable to another party. This document type is particularly relevant in commercial debt transfers, factoring arrangements, and corporate restructuring scenarios. The agreement must be structured to comply with both Sharia law principles and Saudi Arabian commercial regulations, requiring careful consideration of Islamic finance rules regarding the transfer of debt obligations (Hawalah). It typically includes detailed information about the original claim, the parties involved, consideration for the transfer, and necessary warranties and representations. The document becomes especially important in contexts where businesses need to manage their receivables, liquidate assets, or restructure their debt obligations while ensuring compliance with local legal requirements and commercial practices.
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Key Requirements PROMPT example:
Assignment Of Claim Agreement
"I need an Assignment of Claim Agreement under Saudi Arabian law for transferring a construction project receivable worth 5 million SAR from my company to a factoring company, with completion scheduled for March 15, 2025, including provisions for partial assignments and progress payments."
1. Parties: Identification of the Assignor and Assignee, including their full legal names, addresses, and registration details
2. Background: Context of the original claim and the reason for the assignment
3. Definitions: Key terms used throughout the agreement, including 'Claim', 'Original Debtor', 'Assignment Date', and other relevant terms
4. Assignment: Core provision detailing the transfer of the claim from Assignor to Assignee
5. Consideration: Details of the payment or other consideration for the assignment
6. Representations and Warranties: Assignor's confirmations regarding ownership, right to assign, and status of the claim
7. Completion: Actions to be taken to complete the assignment, including notifications and registrations
8. Further Assurance: Obligations to execute further documents and take additional steps if needed
9. Notices: Process for sending and receiving formal communications between parties
10. Governing Law and Jurisdiction: Confirmation of Saudi law as governing law and jurisdiction for disputes
1. Security: Required when the assigned claim is secured by collateral or guarantees
2. Confidentiality: Needed when the assignment involves sensitive commercial information
3. Sub-Assignment: Include when the Assignee may need the right to further assign the claim
4. Tax Provisions: Required when there are specific tax implications of the assignment
5. Regulatory Compliance: Necessary when the assignment requires specific regulatory approvals or notifications
6. Original Debtor Consent: Include when the original debtor's consent is required or has been obtained
7. Partial Assignment: Required when only part of a claim is being assigned
1. Schedule 1 - Details of the Claim: Comprehensive description of the claim being assigned, including amount, origin, and current status
2. Schedule 2 - Original Contract: Copy of the contract or document that created the original claim
3. Schedule 3 - Related Security: Details of any security or guarantees associated with the claim
4. Schedule 4 - Form of Notice: Template for notifying the original debtor of the assignment
5. Schedule 5 - Powers of Attorney: Any required powers of attorney for completing the assignment
6. Schedule 6 - Payment Details: Bank account and payment information for the consideration
7. Appendix A - Supporting Documents: List of all relevant supporting documents evidencing the claim
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Finance
Insurance
Real Estate
Construction
Manufacturing
Trading & Commerce
Professional Services
Healthcare
Energy & Resources
Telecommunications
Investment & Asset Management
Relevant Teams
Legal
Finance
Treasury
Credit Control
Accounts Receivable
Risk Management
Compliance
Commercial Operations
Corporate Secretariat
Business Development
Relevant Roles
Legal Counsel
Finance Manager
Chief Financial Officer
Accounts Receivable Manager
Credit Controller
Commercial Director
Risk Manager
Compliance Officer
Treasury Manager
Contract Administrator
Business Development Manager
Corporate Secretary
Financial Controller
Legal Director
Chief Legal Officer
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