The Assignment of Judgment Agreement is utilized when a judgment creditor wishes to transfer their rights under a court judgment to another party, typically for immediate monetary consideration or strategic purposes. This document, essential in Singapore's legal framework, must comply with specific statutory requirements including those under the Civil Law Act and Rules of Court 2021. It details the original judgment, consideration for the transfer, representations about the judgment's validity, and procedures for notifying the judgment debtor. This agreement is particularly relevant in debt collection, asset recovery, and financial restructuring scenarios.
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Key Requirements PROMPT example:
Assignment Of Judgment Agreement
"I need an Assignment of Judgment Agreement under Singapore law to transfer a commercial debt judgment of SGD 2.5 million from my company to a debt collection agency, with completion scheduled for March 15, 2025."
1. Parties: Identifies and defines the assignor (current judgment holder) and assignee (party receiving the judgment rights)
2. Background: Details of the original judgment, including case number, date, parties involved, and reasons for the assignment
3. Definitions: Key terms used throughout the agreement including 'Judgment', 'Assignment Date', 'Judgment Debtor', etc.
4. Assignment: Core provisions detailing the transfer of judgment rights, including the scope and effective date of the assignment
5. Consideration: Details of payment or other consideration for the assignment of judgment rights
6. Representations and Warranties: Assignor's confirmations about the validity of judgment and their right to assign
7. Notice Requirements: Provisions regarding notification to judgment debtor and any formal requirements
1. Further Assurance: Additional actions parties may need to take to perfect the assignment or assist in enforcement
2. Costs: Allocation of legal and administrative costs associated with the assignment
3. Partial Assignment: Terms governing assignment of only part of the judgment amount or rights
1. Schedule 1 - Original Judgment Details: Certified copy or detailed extract of the original judgment being assigned
2. Schedule 2 - Form of Notice: Template notice to be given to the judgment debtor regarding the assignment
3. Schedule 3 - Payment Schedule: Details of installment payments if consideration is not paid in full at completion
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