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Assignment Of Claim Agreement Template for Singapore

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Key Requirements PROMPT example:

Assignment Of Claim Agreement

"Need an Assignment of Claim Agreement to transfer a $500,000 construction payment claim from our Singapore subsidiary to our parent company, with completion targeted for March 2025 and including specific warranties about ongoing disputes."

What is a Assignment Of Claim Agreement?

The Assignment Of Claim Agreement is essential when a party wishes to transfer their rights in a claim to another party under Singapore law. This document is commonly used in debt assignments, factoring arrangements, or corporate restructuring. It must detail the claim being assigned, the consideration paid, and comply with Singapore's statutory requirements for valid assignments. The agreement should include proper notice provisions, warranties about the claim's validity, and clear mechanisms for the transfer of rights. It's particularly important in commercial transactions where claims need to be monetized or transferred as part of business operations.

What sections should be included in a Assignment Of Claim Agreement?

1. Parties: Identification of assignor and assignee with full legal details

2. Background: Context of the original claim and reason for assignment

3. Definitions: Key terms used throughout the agreement

4. Assignment: Core provisions detailing the transfer of rights

5. Consideration: Details of payment or other consideration for the assignment

6. Representations and Warranties: Assignor's confirmations about the claim being assigned

7. Notice Requirements: Provisions regarding notification to the debtor

8. Governing Law and Jurisdiction: Specification of Singapore law and courts' jurisdiction

What sections are optional to include in a Assignment Of Claim Agreement?

1. Security Provisions: Used when assignment is by way of security rather than absolute - applicable for assignments securing obligations

2. Further Assurance: Additional actions parties must take to perfect the assignment - used for complex assignments requiring multiple steps

3. Confidentiality: Provisions protecting sensitive information - used when assignment involves commercially sensitive information

4. Tax Provisions: Allocation of tax liabilities - used when assignment has significant tax implications

What schedules should be included in a Assignment Of Claim Agreement?

1. Schedule 1 - Details of Assigned Claim: Comprehensive description of the claim being assigned

2. Schedule 2 - Form of Notice: Template notice to be sent to the debtor

3. Schedule 3 - Original Contract: Copy of the contract giving rise to the assigned claim

4. Schedule 4 - Supporting Documents: Additional documentation evidencing the claim

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

Relevant legal definitions



































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Industries

Civil Law Act (Cap. 43): Primary legislation governing assignments in Singapore, particularly sections dealing with assignment of rights and claims, and requirements for valid assignments. Section 4(8) specifically addresses legal and equitable assignments.

Contract Act (Cap. 53): Fundamental legislation governing contract formation, validity, and consideration requirements, incorporating common law principles from English law applicable to assignment agreements.

Limitation Act (Cap. 163): Sets out time limits for enforcing claims and their impact on assigned claims, crucial for determining validity and enforceability of the assigned rights.

Companies Act (Cap. 50): Regulates corporate capacity to assign claims and related registration requirements when parties to the assignment are companies.

Stamp Duties Act (Cap. 312): Stipulates requirements for stamp duty on assignment documents, including timing and payment obligations for legal validity of the assignment.

Banking Act (Cap. 19): Contains specific restrictions and requirements for assignment of banking-related rights and claims.

Personal Data Protection Act 2012: Governs the transfer of personal data that may be involved in the assignment, ensuring compliance with data protection requirements.

Notice Requirements: Legal requirements for notifying relevant parties, particularly the debtor, about the assignment to ensure its effectiveness.

Form Requirements: Specific requirements regarding writing, execution, and formal documentation of the assignment agreement.

Assignment Restrictions: Limitations and restrictions on what types of claims can be assigned and under what circumstances.

Rights and Obligations Framework: Legal framework defining the rights, obligations, warranties, and representations of both assignor and assignee in the assignment relationship.

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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