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Account Receivable Purchase Agreement

Account Receivable Purchase Agreement Template for Singapore

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Key Requirements PROMPT example:

Account Receivable Purchase Agreement

"Need an Account Receivable Purchase Agreement for our Singapore manufacturing company to sell $5M worth of receivables to DBS Bank, with monthly settlements and a 90% advance rate, to be completed by March 2025."

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What is a Account Receivable Purchase Agreement?

The Account Receivable Purchase Agreement is a crucial financing instrument in Singapore's commercial landscape, enabling businesses to monetize their accounts receivable for immediate working capital. This agreement, governed by Singapore law, facilitates the transfer of receivables from sellers to financial institutions or other buyers, detailing the terms of sale, representations and warranties, and compliance requirements. It's particularly valuable for businesses seeking to improve cash flow without traditional borrowing, while ensuring compliance with Singapore's regulatory framework, including MAS guidelines and relevant commercial legislation.

What sections should be included in a Account Receivable Purchase Agreement?

1. Parties: Identification of buyer and seller of receivables

2. Background: Context of the transaction and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Purchase and Sale: Core terms of the receivables purchase

5. Purchase Price and Payment: Pricing mechanism and payment terms

6. Representations and Warranties: Statements of fact and assurances by parties

7. Covenants: Ongoing obligations of the parties

8. Events of Default: Circumstances constituting breach and consequences

9. Termination: Conditions and process for terminating the agreement

10. Governing Law and Jurisdiction: Laws governing the agreement and dispute resolution

What sections are optional to include in a Account Receivable Purchase Agreement?

1. Security Arrangements: Additional security measures when collateral is required

2. Credit Enhancement: Additional credit support mechanisms for risk mitigation

3. Cross-Border Provisions: Special provisions for international receivables transactions

4. Servicing Arrangements: Terms for collection and servicing of receivables if not handled by seller

5. True Sale Provisions: Enhanced provisions to ensure transaction qualifies as true sale

What schedules should be included in a Account Receivable Purchase Agreement?

1. Schedule of Receivables: Detailed list of receivables being purchased including key information

2. Eligibility Criteria: Specific criteria that receivables must meet to be eligible for purchase

3. Form of Purchase Notice: Template for notification of purchase of receivables

4. Form of Assignment: Template for formal assignment documentation

5. Debtor Notification Template: Standard form for notifying debtors of the assignment of receivables

6. Pricing Schedule: Detailed pricing methodology and calculations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 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












































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Industries

Civil Law Act (Cap. 43): Primary legislation governing civil law matters and contractual relationships in Singapore

Sale of Goods Act (Cap. 393): Regulates the sale of goods and related transactions, relevant for receivables arising from sale contracts

Companies Act (Cap. 50): Governs corporate entities and their operations, including requirements for corporate transactions

Securities and Futures Act (Cap. 289): Regulates financial products and services, relevant if receivables are securitized or traded

Banking Act (Cap. 19): Governs banking operations and financial institutions involved in receivables financing

Conveyancing and Law of Property Act (Cap. 61): Covers the transfer and assignment of property rights, including receivables

Personal Data Protection Act 2012: Regulates the collection, use, and disclosure of personal data in commercial transactions

Consumer Protection (Fair Trading) Act: Protects consumer interests in commercial transactions, including those giving rise to receivables

Moneylenders Act: Regulates money lending activities, may be relevant for certain receivables financing arrangements

Insolvency, Restructuring and Dissolution Act 2018: Governs insolvency proceedings and creditor rights, crucial for receivables purchase arrangements

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore affecting financial transactions

Anti-Money Laundering Regulations: Compliance requirements for preventing money laundering in financial transactions

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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