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Deed Of Assignment Of Receivables

Deed Of Assignment Of Receivables Template for Philippines

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Key Requirements PROMPT example:

Deed Of Assignment Of Receivables

"I need a Deed of Assignment of Receivables under Philippine law to transfer my company's outstanding customer invoices (worth approximately PHP 5 million) to a factoring company, with the assignment to be completed by March 2025."

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Document background
A Deed of Assignment of Receivables is commonly used in the Philippines when a business or individual wants to transfer their right to receive payments to another party, often for immediate financing or debt settlement. This document is particularly relevant in factoring arrangements, securitization transactions, or as part of broader financing structures. It must comply with the Civil Code of the Philippines, particularly Book IV on Obligations and Contracts, and may require registration or notice to perfect the assignment. The deed typically specifies the receivables being transferred, the consideration for the transfer, and includes warranties about the existence and validity of the receivables. It's essential in commercial transactions where businesses seek to monetize their receivables or restructure their financial arrangements.
Suggested Sections

1. Parties: Identifies and provides full details of the Assignor and Assignee, including their respective addresses and legal status

2. Background: Explains the context of the assignment, including the existence of the receivables and the Assignor's right to assign them

3. Definitions: Defines key terms used throughout the deed, including 'Receivables', 'Debtor(s)', 'Assignment Date', etc.

4. Assignment: Core provision detailing the transfer of rights from Assignor to Assignee, including the effective date and scope of assignment

5. Consideration: Specifies the payment or other consideration for the assignment

6. Representations and Warranties: Assignor's confirmations regarding ownership, right to assign, and status of receivables

7. Assignor's Covenants: Ongoing obligations of the Assignor, including cooperation in enforcement and documentation

8. Notice and Perfection: Requirements for notifying debtors and perfecting the assignment

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

10. Governing Law and Jurisdiction: Specifies Philippine law as governing law and designates jurisdiction for disputes

11. Execution: Formal execution block including notarization requirements under Philippine law

Optional Sections

1. Security Provisions: Include when the assignment is intended as security for other obligations

2. Recourse Provisions: Include when the assignment is with recourse to the Assignor

3. Collection Arrangements: Include when specific collection procedures or arrangements are agreed

4. Tax Provisions: Include detailed tax provisions when complex tax implications exist

5. Confidentiality: Include when sensitive commercial information is involved

6. Data Protection: Include when personal data is involved in the receivables

7. Anti-Money Laundering Compliance: Include for assignments involving regulated entities or large sums

8. Electronic Execution: Include when document will be executed electronically under E-Commerce Act

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. Copies of Original Contracts: Copies of the underlying contracts giving rise to the receivables

4. Payment Details: Banking and payment information for the consideration

5. Power of Attorney: If applicable, power of attorney for Assignee to act in Assignor's name

6. Corporate Authorizations: Copies of relevant corporate authorizations and board resolutions

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
Agreement
Assignee
Assignor
Assignment
Assignment Date
Business Day
Completion
Consideration
Debtors
Deed
Default Interest Rate
Debts
Effective Date
Encumbrance
Event of Default
Governmental Authority
Insolvency Event
Law
Material Adverse Effect
Notice
Original Contracts
Outstanding Balance
Parties
Payment Date
Perfection Requirements
Permitted Encumbrance
Receivables
Receivables Documentation
Related Rights
Relevant Period
Security Interest
Taxes
Transaction Documents
Transfer
Underlying Contracts
VAT
Working Day
Relevant Industries

Banking and Financial Services

Insurance

Manufacturing

Retail

Real Estate

Construction

Healthcare

Telecommunications

Utilities

Professional Services

Technology

Agriculture

Export/Import

Transportation and Logistics

Relevant Teams

Legal

Finance

Treasury

Credit Control

Accounts Receivable

Risk Management

Collections

Corporate Secretarial

Business Development

Operations

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Credit Manager

Accounts Receivable Manager

Financial Controller

Legal Counsel

Corporate Lawyer

Commercial Director

Risk Manager

Collections Manager

Business Development Manager

Contract Administrator

Company Secretary

Finance Operations Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts, obligations, and property rights in the Philippines. Particularly relevant are Book IV on Obligations and Contracts, and provisions on assignment of rights and credits.
Financial Rehabilitation and Insolvency Act (FRIA) of 2010 (Republic Act No. 10142): Relevant for understanding the treatment of assigned receivables in case of bankruptcy or insolvency of either the assignor or debtor.
National Internal Revenue Code of the Philippines: Governs the tax implications and documentary stamp tax requirements for assignment of receivables transactions.
Securities Regulation Code (Republic Act No. 8799): May be applicable if the receivables assignment involves securities or if the transaction falls under regulated securities trading.
Electronic Commerce Act of 2000 (Republic Act No. 8792): Relevant if the deed of assignment will be executed electronically or if electronic signatures will be used.
Rules of Court of the Philippines: Provides procedures for enforcement of rights and remedies related to assigned receivables in case of disputes.
Truth in Lending Act (Republic Act No. 3765): May be applicable if the receivables involve consumer credit transactions.
Central Bank (Bangko Sentral ng Pilipinas) Regulations: Relevant if the assignment involves regulated financial institutions or falls under financial system regulations.
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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