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Notice Of Assignment Of Accounts Receivable Template for Singapore

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Key Requirements PROMPT example:

Notice Of Assignment Of Accounts Receivable

"I need a Notice of Assignment of Accounts Receivable for a Singapore manufacturing company assigning $2.5M worth of receivables to ABC Bank Ltd, with the assignment to take effect from March 15, 2025, and including special provisions for partial payments."

What is a Notice Of Assignment Of Accounts Receivable?

The Notice Of Assignment Of Accounts Receivable is a crucial document in Singapore's commercial landscape, particularly in factoring and financing arrangements. It serves as formal notification to debtors when their payment obligations are transferred to a new party. This document is essential for establishing the legal effectiveness of the assignment and ensuring the assignee's rights are protected under Singapore law. It includes specific details about the assigned receivables, payment instructions, and relevant contact information, making it a vital tool in receivables financing, debt trading, and corporate restructuring.

What sections should be included in a Notice Of Assignment Of Accounts Receivable?

1. Date and Parties: Date of notice and identification of assignor and assignee with full legal names and addresses

2. Notice Statement: Clear statement that this is a notice of assignment of accounts receivable

3. Description of Receivables: Specific identification of the accounts receivable being assigned, including reference to original contracts or invoices

4. Assignment Details: Date of assignment and reference to the assignment agreement

5. Payment Instructions: New payment details and instructions for the debtor regarding future payments

What sections are optional to include in a Notice Of Assignment Of Accounts Receivable?

1. Acknowledgment Request: Request for debtor to acknowledge receipt of notice, including signature block and return instructions

2. Contact Information: Detailed contact information for queries about the assignment or payment procedures

3. Prior Notice Reference: Reference to any previous notices or assignments affecting the same receivables

What schedules should be included in a Notice Of Assignment Of Accounts Receivable?

1. Schedule of Receivables: Detailed list of assigned receivables including invoice numbers, amounts, due dates, and other relevant details

2. Copy of Assignment Agreement: Attachment of the underlying assignment agreement (if appropriate to share with debtor)

3. Payment Instructions Schedule: Detailed banking and payment information including account numbers, bank details, and payment procedures

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 of choses in action and requirements for valid assignments in Singapore

Companies Act (Cap. 50): Regulates corporate assignments and registration requirements for charges, essential for business-related assignments

Personal Data Protection Act 2012 (PDPA): Governs the handling and transfer of personal data during the assignment process, including notification requirements

Contract Law: Common law principles governing assignments and requirements for valid notice under Singapore's legal framework

Property Law: Rules regarding assignment of property rights, including distinctions between equitable and legal assignments

Banking Act (Cap. 19): Regulatory framework for assignments involving financial institutions and compliance with banking regulations

Insolvency, Restructuring and Dissolution Act 2018: Legislation governing the impact of insolvency on assignments and priority of claims in Singapore

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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