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Assignment Of Claim Agreement

Assignment Of Claim Agreement Template for Indonesia

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Key Requirements PROMPT example:

Assignment Of Claim Agreement

"I need an Assignment of Claim Agreement under Indonesian law for transferring a corporate trade receivable worth IDR 500 million from my manufacturing company to a local factoring company, with completion scheduled for March 15, 2025."

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Document background
The Assignment Of Claim Agreement is a crucial document used in Indonesian business and financial transactions when one party wishes to transfer its rights to receive payment or other performance from a debtor to another party. This document is particularly relevant in debt trading, portfolio sales, corporate restructuring, and financial arrangements. The agreement must comply with Articles 613-624 of the Indonesian Civil Code (KUHPer) regarding assignment of rights (cessie) and consider any relevant financial services regulations. It includes essential details about the claim being assigned, purchase price, warranties, and completion requirements. The document is commonly used in banking, financial services, and general commercial transactions where claims need to be transferred between parties. Special attention must be paid to Indonesian regulatory requirements, including proper notification to the debtor and any necessary registrations or approvals.
Suggested Sections

1. Parties: Identifies the Assignor (current creditor), Assignee (new creditor), and where relevant, acknowledgment by the Debtor

2. Background: Explains the context of the original claim and the intention to assign it

3. Definitions: Defines key terms used throughout the agreement, including 'Claim', 'Assignment Date', 'Original Agreement', etc.

4. Object of Assignment: Detailed description of the claim being assigned, including its value, origin, and current status

5. Assignment and Transfer: Core provision effecting the transfer of the claim from Assignor to Assignee

6. Purchase Price and Payment: Specifies the consideration for the assignment and payment terms

7. Representations and Warranties: Assignor's warranties regarding ownership, validity, and status of the claim

8. Completion Requirements: Steps required to complete the assignment, including notification to debtor and documentation

9. Further Assurance: Obligations to execute additional documents or take actions to perfect the assignment

10. Governing Law and Jurisdiction: Specifies Indonesian law as governing law and sets jurisdiction for disputes

Optional Sections

1. Security: Include when the assigned claim is secured by collateral or guarantees

2. Tax Provisions: Include when there are specific tax implications or arrangements between parties

3. Currency Provisions: Required for cross-border assignments or when claim is in foreign currency

4. Regulatory Compliance: Include when assignment requires specific regulatory approvals or notifications

5. Default and Remedies: Include when parties want specific remedies for breach of assignment terms

6. Confidentiality: Include when sensitive commercial information is involved

7. Anti-Money Laundering: Include for financial institution assignments or high-value claims

Suggested Schedules

1. Schedule 1 - Details of the Claim: Comprehensive details of the claim including payment history, current balance, and terms

2. Schedule 2 - Original Agreement: Copy of the agreement that gave rise to the claim being assigned

3. Schedule 3 - Related Security Documents: Copies of any security documents, guarantees, or collateral agreements

4. Schedule 4 - Form of Notice to Debtor: Template notification to be sent to debtor regarding the assignment

5. Schedule 5 - Completion Requirements: Checklist of documents and actions required to complete the assignment

6. Appendix A - Power of Attorney: If required, format of power of attorney for executing assignment-related documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking and Financial Services

Insurance

Real Estate

Manufacturing

Trade and Commerce

Construction

Infrastructure

Energy

Healthcare

Telecommunications

Relevant Teams

Legal

Finance

Treasury

Credit Management

Risk Management

Compliance

Corporate Secretariat

Business Development

Accounts Receivable

Debt Collection

Commercial Operations

Relevant Roles

Legal Counsel

Finance Director

Chief Financial Officer

Credit Manager

Risk Manager

Commercial Director

Treasury Manager

Accounts Receivable Manager

Corporate Secretary

Compliance Officer

Business Development Manager

Portfolio Manager

Debt Collection Manager

Transaction Manager

Contract Administrator

Industries
Indonesian Civil Code (KUHPer): Articles 1313-1351 govern general contract formation and validity; Articles 613-624 specifically regulate assignment of rights (cessie)
Law No. 24 of 1999 on Foreign Exchange Flow: Regulates foreign exchange transactions and reporting requirements if the assignment involves cross-border transactions or foreign currencies
Financial Services Authority Regulation No. 42/POJK.03/2019: Governs the assignment of receivables in financial service institutions
Law No. 37 of 2004 on Bankruptcy and Suspension of Debt Payment: Relevant for ensuring the assignment doesn't violate any bankruptcy or insolvency provisions
Bank Indonesia Regulation No. 16/21/PBI/2014: Regulates the implementation of prudential principles in managing offshore borrowing for non-bank corporations
Law No. 40 of 2007 on Limited Liability Companies: Relevant when either party is a corporation, governing corporate authority to enter into 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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