Assignment of Money Due

{{company_name}}

{{company_address}}

Phone: {{phone}} | Email: {{email}} | Web: {{website}}

Assignment of Money Due

Assignment of Money Due

PARTIES:

This Assignment of Money Due ("Agreement") is made and entered into on this {{day}} day of {{month}}, {{year}} ("Effective Date")

BETWEEN:

1. {{Assignor_Company_Name}}, a company duly incorporated under the laws of {{Country}}, with its registered office at {{Assignor_Address}} (hereinafter referred to as "the Assignor"), and

2. {{Assignee_Company_Name}}, a company duly incorporated under the laws of {{Country}}, with its registered office at {{Assignee_Address}} (hereinafter referred to as "the Assignee").

(Collectively referred to as “the Parties” and individually as “a Party”).

RECITALS:

A. The Assignor is entitled to receive certain monies from {{Debtor_Company_Name}} (hereinafter referred to as “the Debtor”) arising from {{description_of_original_agreement_with_debtor_e.g._goods_supplied,_services_rendered}} as per the agreement dated {{date_of_original_agreement}} (hereinafter referred to as “the Original Agreement”).

B. The Assignor wishes to assign its right to receive such monies to the Assignee.

C. The Assignee wishes to accept such assignment.

1. ASSIGNMENT OF MONEY DUE:

1.1. For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Assignor unconditionally and irrevocably assigns, transfers, and sets over to the Assignee all of its rights, title, and interest in and to all monies due or to become due from the Debtor, amounting to {{currency}} {{amount_in_figures}} ({{amount_in_words}}) (hereinafter referred to as “the Assigned Monies”).

1.2. This assignment includes all present and future claims, demands, and causes of action related to the Assigned Monies.

2. NOTIFICATION TO DEBTOR:

2.1. The Assignor shall forthwith give written notice of this assignment to the Debtor, in the form attached hereto as Schedule A, instructing the Debtor to make all future payments of the Assigned Monies directly to the Assignee.

2.2. The Assignor shall provide the Assignee with proof of such notification within {{number}} days of the Effective Date.

3. REPRESENTATIONS AND WARRANTIES OF THE ASSIGNOR:

3.1. The Assignor represents and warrants that it has the full right, power, and authority to enter into this Agreement and to carry out the assignment contemplated herein.

3.2. The Assignor represents and warrants that the Assigned Monies are free from any liens, charges, encumbrances, or offsets, other than as disclosed in writing to the Assignee prior to the Effective Date.

3.3. The Assignor represents and warrants that the Original Agreement is valid, binding, and in full force and effect, and that no event of default has occurred under the Original Agreement that would impair the Assignor’s right to the Assigned Monies.

4. COVENANTS OF THE ASSIGNOR:

4.1. The Assignor covenants that it will not take any action that would impair the Assignee’s right to collect the Assigned Monies.

4.2. The Assignor will, upon reasonable request, provide the Assignee with all information and documentation relating to the Assigned Monies and the Original Agreement.

4.3. The Assignor will cooperate with the Assignee in enforcing the Assignee’s rights to the Assigned Monies, including, but not limited to, taking legal action if necessary.

5. INDEMNIFICATION:

5.1. The Assignor agrees to indemnify, defend, and hold harmless the Assignee from and against any and all claims, liabilities, costs, and expenses (including reasonable legal fees) arising from any breach of the Assignor’s representations, warranties, or covenants contained in this Agreement.

6. GOVERNING LAW AND JURISDICTION:

6.1. This Agreement shall be governed by and construed in accordance with the laws of {{Country}}.

6.2. The Parties irrevocably submit to the exclusive jurisdiction of the courts of {{Country}} for the purpose of settling any dispute arising out of or in connection with this Agreement.

7. ENTIRE AGREEMENT:

7.1. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations, and agreements, whether oral or written.

8. AMENDMENTS:

8.1. No amendment or modification of this Agreement shall be valid unless made in writing and signed by duly authorized representatives of both Parties.

9. NOTICES:

9.1. Any notice or other communication required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally, sent by registered mail, or by reputable courier service to the addresses of the Parties first mentioned above, or to such other address as a Party may designate by notice to the other.

9.2. Email: Assignor: {{Assignor_Email}}, Assignee: {{Assignee_Email}}

IN WITNESS WHEREOF, the Parties have executed this Agreement on the Effective Date.

ASSIGNOR:

____________________________

By: {{Assignor_Signatory_Name}}

Title: {{Assignor_Signatory_Title}}

ASSIGNEE:

____________________________

By: {{Assignee_Signatory_Name}}

Title: {{Assignee_Signatory_Title}}.

SCHEDULE A – NOTICE TO DEBTOR

To: {{Debtor_Company_Name}}

Attention: {{Debtor_Contact_Person}}

Address: {{Debtor_Address}}

Date: {{date}}

RE: NOTICE OF ASSIGNMENT OF MONEY DUE

Dear Sir/Madam,

Please be advised that by an Assignment of Money Due Agreement dated {{date_of_assignment}} between {{Assignor_Company_Name}} (the “Assignor”) and {{Assignee_Company_Name}} (the “Assignee”), all rights, title, and interest in and to the monies due or to become due to the Assignor from you, totaling {{currency}} {{amount_in_figures}} ({{amount_in_words}}) arising from {{description_of_original_agreement_with_debtor}}, have been irrevocably assigned to the Assignee.

Accordingly, you are hereby instructed to make all future payments of the aforementioned monies directly to the Assignee at the following bank account:

Bank Name: {{Assignee_Bank_Name}}

Account Name: {{Assignee_Account_Name}}

Account Number: {{Assignee_Account_Number}}

Bank Address: {{Assignee_Bank_Address}}

SWIFT/BIC Code: {{Assignee_SWIFT_BIC_Code}} / {{Assignee_Bank_Code}}

We enclose a copy of the Assignment of Money Due Agreement for your records.

Yours faithfully,

_____________________________

(Signature of Assignor)

{{Assignor_Company_Name}}

_____________________________

(Signature of Assignee)

{{Assignee_Company_Name}}