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Accounts Receivable Assignment Agreement

Accounts Receivable Assignment Agreement Template for Philippines

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Key Requirements PROMPT example:

Accounts Receivable Assignment Agreement

"I need an Accounts Receivable Assignment Agreement for our manufacturing company to assign PHP 5 million worth of receivables to ABC Bank Manila for immediate financing, with recourse provisions and the assignor continuing to collect as agent."

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Document background
The Accounts Receivable Assignment Agreement is a crucial document used in Philippine business transactions when a company wishes to transfer its rights to receive payment from its customers to another party, typically for immediate financing or debt collection purposes. This agreement is commonly utilized in factoring arrangements, asset-based lending, or as part of broader financing transactions. The document must comply with Philippine Civil Code requirements regarding assignment of rights and obligations, as well as relevant banking and financial regulations. It typically includes detailed schedules of the receivables being assigned, mechanisms for perfecting the assignment, and provisions for notification to debtors. The agreement is particularly important in the Philippine context where formal documentation and strict compliance with local laws are essential for enforceability.
Suggested Sections

1. Parties: Identification of the Assignor and Assignee, including their complete legal names, addresses, and corporate details

2. Background: Context of the assignment, including the origin of the receivables and the business relationship between the parties

3. Definitions: Definitions of key terms used throughout the agreement, including 'Receivables', 'Assigned Rights', 'Debtors', and other relevant terms

4. Assignment: Core provision detailing the assignment of receivables, consideration, and effective date of transfer

5. Representations and Warranties: Assignor's warranties regarding ownership, right to assign, absence of encumbrances, and validity of receivables

6. Price and Payment: Details of the purchase price for the receivables and payment mechanisms

7. Notice and Perfection: Requirements for notifying debtors and perfecting the assignment under Philippine law

8. Further Assurance: Obligations to execute additional documents and take necessary steps to perfect the assignment

9. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

10. Execution: Signature blocks and execution formalities

Optional Sections

1. Recourse Provisions: Include when the assignment is with recourse, specifying conditions for recourse against the Assignor

2. Collection Arrangements: Include when special arrangements for collecting receivables are needed, such as the Assignor continuing to collect as agent

3. Security Provisions: Include when additional security is being provided for the assigned receivables

4. True Sale Provisions: Include when it's crucial to establish the transaction as a true sale rather than a secured financing

5. Data Protection: Include when personal data is involved in the receivables and compliance with data protection laws is needed

6. Tax Gross-up: Include when parties agree to specific arrangements regarding tax liabilities

7. Foreign Exchange Provisions: Include when receivables are denominated in foreign currency

Suggested Schedules

1. Schedule of Receivables: Detailed list of all receivables being assigned, including debtor details, amounts, and due dates

2. Form of Notice to Debtors: Template notice to be sent to debtors informing them of the assignment

3. Form of Acknowledgment: Template acknowledgment to be signed by debtors confirming the assignment

4. Original Contracts: List and/or copies of the original contracts giving rise to the receivables

5. Power of Attorney: Form of power of attorney for collection or other specified purposes

6. Payment Details: Bank account and payment processing details for receiving payments on the receivables

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 legal definitions
Clauses
Assignment
Consideration
Representations and Warranties
Covenants
Payment Terms
Transfer of Rights
Notice Requirements
Collections
Recourse
Security Interest
Further Assurance
Perfection Requirements
Indemnification
Confidentiality
Data Protection
Force Majeure
Events of Default
Remedies
Set-off Rights
Tax
Costs and Expenses
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Waiver
Assignment and Transfer
Notices
Counterparts
Third Party Rights
Electronic Execution
Authority and Capacity
Anti-Money Laundering
Termination
Relevant Industries

Financial Services

Banking

Manufacturing

Retail

Wholesale Trade

Construction

Healthcare

Information Technology

Telecommunications

Export/Import

Professional Services

Logistics and Transportation

Relevant Teams

Legal

Finance

Treasury

Credit Control

Accounts Receivable

Risk Management

Commercial

Corporate Finance

Collections

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Credit Manager

Accounts Receivable Manager

Financial Controller

Legal Counsel

Corporate Lawyer

Risk Manager

Commercial Director

Business Development Manager

Collection Manager

Corporate Finance Manager

Transaction Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts, obligations, and assignments in the Philippines. Particularly relevant are Articles 1624-1635 on assignment of credits and other incorporeal rights.
Securities Regulation Code (Republic Act No. 8799): Regulates the assignment of securities and financial instruments, which may be relevant if the receivables are considered securities.
National Internal Revenue Code: Governs the tax implications of assignments and transfers of receivables, including documentary stamp tax requirements.
Rules of Court: Provides procedural rules for enforcement of rights and notice requirements in case of litigation involving assigned receivables.
Corporation Code of the Philippines (Republic Act No. 11232): Relevant when either party is a corporation, particularly regarding corporate authority to assign or acquire receivables.
Electronic Commerce Act (Republic Act No. 8792): Applicable if the assignment agreement will be executed electronically or if electronic records of receivables are involved.
Central Bank Circular No. 1034 (2019): Contains regulations on assignment of receivables involving banks and financial institutions.
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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