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Assignment Of Proceeds Agreement Template for Singapore

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Key Requirements PROMPT example:

Assignment Of Proceeds Agreement

"Need an Assignment of Proceeds Agreement under Singapore law to assign construction project payments from our developer client to their financing bank, with the assignment to take effect from March 2025 and include step-in rights for the bank."

What is a Assignment Of Proceeds Agreement?

The Assignment Of Proceeds Agreement is a crucial instrument in Singapore's commercial landscape, particularly utilized in financing transactions and security arrangements. It enables businesses to monetize their receivables, secure financing, or restructure payment arrangements by legally transferring their rights to receive future payments. The agreement must adhere to Singapore's legal framework, including the Civil Law Act and Companies Act, and typically includes detailed provisions on the assigned proceeds, notice requirements, and enforcement mechanisms. This document is particularly relevant in project finance, real estate transactions, and trade finance arrangements where future payment streams need to be assigned.

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

1. Parties: Identification and details of the assignor and assignee

2. Background: Context of the assignment and description of the underlying transaction

3. Definitions: Key terms used throughout the agreement

4. Assignment: Core provisions detailing the assignment of proceeds

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

6. Representations and Warranties: Statements of fact and assurances by the assignor

7. Notice Requirements: Procedures for notifying relevant parties of the assignment

8. Governing Law and Jurisdiction: Specification of applicable law and jurisdiction for disputes

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

1. Security Provisions: Additional security arrangements, used when assignment is part of security package

2. Conditions Precedent: Prerequisites to assignment becoming effective, used in complex transactions

3. Further Assurance: Obligations to execute additional documents, used in complex assignments

4. Power of Attorney: Authority for assignee to act on assignor's behalf, used when direct enforcement needed

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

1. Description of Proceeds: Detailed description of assigned proceeds and their source

2. Form of Notice: Template notice to be given to third parties regarding the assignment

3. Payment Details: Bank account and payment instruction details

4. Underlying Agreements: Copies or details of agreements giving rise to the proceeds

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 contractual relationships, including requirements for valid contracts and rules regarding assignment of rights and proceeds

Contracts (Rights of Third Parties) Act: Legislation governing how third parties can enforce contractual terms and determining when assignment affects third party rights

Companies Act (Cap. 50): Corporate law requirements for company parties, including registration requirements for charges and security interests

Property Law Act: Contains provisions relating to assignment of property rights and legal requirements for valid assignments

Banking Act (Cap. 19): Regulations governing banking transactions and assignments involving bank accounts

Personal Data Protection Act 2012: Requirements for handling and protection of personal data in contractual arrangements

Common Law Principles: Includes doctrine of privity of contract, rules regarding legal and equitable assignments, and notice requirements for assignments

Stamp Duties Act: Governs stamp duty requirements and exemptions applicable to assignments

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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