assignment of accounts receivable agreement template

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Assignment of Receivables Agreement

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Assignment of Receivables Agreement Assignment of Receivables Agreement

D07200a - Quebec English Civil law Unannotated

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In order to be granted a loan, one must often provide security to guarantee repayment of the loan. When the borrower is also the creditor of another party, it may offer this debt-claim as security to obtain financing. This transaction is referred to as debt assignment. The debt-claim is assigned for an amount below its nominal value and the assignor guarantees its payment in principal, interest and fees. Our template sets out the legal framework for this type of financing arrangement.

0.00 INTERPRETATION 0.01 Terminology 0.01.01 Agreement 0.01.02 Breach 0.01.03 Change in Control 0.01.04 Confidential Information 0.01.05 Encumber or Encumbrance 0.01.06 Event of Default 0.01.07 Force Majeure 0.01.08 Fundamental Provisions 0.01.09 Law 0.01.10 Legal Representatives 0.01.11 PARTY 0.01.12 Person 0.01.13 Prime Rate 0.01.14 Receivables 0.02 Precedence 0.03 Jurisdiction 0.03.01 Governing Law 0.03.02 Non-compliance a) Severability b) Substitute Provision 0.04 Miscellaneous 0.04.01 Cumulative Rights 0.04.02 Time and Dates a) Time of the Essence b) Computation of Time c) Delays 0.04.03 Financial References 0.04.04 References within Agreement 0.04.05 Gender and Number 0.04.06 Headings 0.04.07 Presumptions 0.04.08 Knowledge 0.04.09 Approval 0.04.10 GAAP 1.00 PURPOSE 1.01 Assignment 1.02 Conditions 1.02.01 Required by ASSIGNOR 1.02.02 Required by ASSIGNEE 1.02.03 Choice 2.00 CONSIDERATION 3.00 TERMS OF PAYMENT 3.01 Base Amount 3.02 Interest 3.03 Loss of Term 4.00 SECURITY 4.01 In favour of ASSIGNOR 4.02 In favour of ASSIGNEE 5.00 MUTUAL REPRESENTATIONS AND WARRANTIES 5.01 Status 5.02 Authority 5.03 Binding Agreement 5.04 Canadian Resident 5.05 Commission 5.06 Insurance 5.07 Nominee 5.08 Fundamental Provisions 5.09 Disclosure 6.00 REPRESENTATIONS AND WARRANTIES OF ASSIGNOR 6.01 Status 6.02 Authority 6.03 Binding Agreement 6.04 Insurance 6.05 Nominee 6.06 Fundamental Provisions 6.07 Disclosure 6.08 Existence of the Receivables 6.09 Defect and Nullity 6.10 Prior Assignment 6.11 Sole Owner 6.12 Condition of the Debtor 7.00 REPRESENTATIONS AND WARRANTIES OF ASSIGNEE 7.01 Status 7.02 Authority 7.03 Binding Agreement 7.04 Insurance 7.05 Nominee 7.06 Fundamental Provisions 7.07 Disclosure 8.00 MUTUAL DUTIES AND OBLIGATIONS 8.01 Confidential Information 8.01.01 Undertaking 8.01.02 End of Agreement 8.02 Insurance 8.02.01 Insured Risks 8.02.02 Amount of Coverage 8.02.03 Issuer 8.02.04 Co-insured 8.02.05 No Limitation 8.03 Indemnification 8.03.01 “Loss” 8.03.02 Scope 8.03.03 Procedure 8.03.04 Deductible 8.03.05 Limitation on Claims 8.04 Disclosure of Agreement 9.00 DUTIES AND OBLIGATIONS OF THE ASSIGNOR 9.01 Guarantee 9.02 Execution of Documents 10.00 OBLIGATIONS OF ASSIGNEE 11.00 SPECIAL PROVISIONS 11.01 Assignment 11.01.01 Prohibition 11.01.02 Effect of Breach 11.01.03 Exception 11.02 Force Majeure 11.02.01 No Default 11.02.02 Duty 11.02.03 Rights of Other PARTY 11.03 Relationship 11.03.01 Independent Contractors 11.03.02 No Control over Performance 11.03.03 No Authority to Bind 11.04 Further Assurances 11.05 Other Remedies 11.05.01 Choices 11.05.02 No Limitations 11.06 Prescription 12.00 GENERAL PROVISIONS 12.01 Notice 12.02 Dispute Resolution 12.02.01 Good Faith Negotiations 12.02.02 Mediation 12.02.03 Arbitration 12.03 Election 12.04 Counterparts 12.05 Amendment 12.06 No Waiver of Rights 12.07 Electronic Transmission 12.08 Language 13.00 TERMINATION 13.01 Mutual Consent 13.02 Unilateral Termination 13.03 Without Notice 13.04 Prior Notice 13.05 Change of Control 14.00 EFFECTIVE DATE 14.01 Retroactivity 14.02 Execution 14.03 Deferral 15.00 DURATION 15.01 Instantaneous 15.02 Survival 16.00 SCOPE SCHEDULE A – EXCERPT FROM A RESOLUTION OF ASSIGNOR SCHEDULE B – EXCERPT FROM A RESOLUTION OF ASSIGNEE SCHEDULE C – ACCEPTANCE BY THE DEBTOR SCHEDULE D – ACCEPTANCE BY THE SURETY

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Assignment of Accounts Receivable: Meaning, Considerations

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University.

Investopedia / Jiaqi Zhou

What Is Assignment of Accounts Receivable?

Assignment of accounts receivable is a lending agreement whereby the borrower assigns accounts receivable to the lending institution. In exchange for this assignment of accounts receivable, the borrower receives a loan for a percentage, which could be as high as 100%, of the accounts receivable.

The borrower pays interest, a service charge on the loan, and the assigned receivables serve as collateral. If the borrower fails to repay the loan, the agreement allows the lender to collect the assigned receivables.

Key Takeaways

• Assignment of accounts receivable is a method of debt financing whereby the lender takes over the borrowing company's receivables.
• This form of alternative financing is often seen as less desirable, as it can be quite costly to the borrower, with APRs as high as 100% annualized.
• Usually, new and rapidly growing firms or those that cannot find traditional financing elsewhere will seek this method.
• Accounts receivable are considered to be liquid assets.
• If a borrower doesn't repay their loan, the assignment of accounts agreement protects the lender.

Understanding Assignment of Accounts Receivable

With an assignment of accounts receivable, the borrower retains ownership of the assigned receivables and therefore retains the risk that some accounts receivable will not be repaid. In this case, the lending institution may demand payment directly from the borrower. This arrangement is called an "assignment of accounts receivable with recourse." Assignment of accounts receivable should not be confused with pledging or with accounts receivable financing .

An assignment of accounts receivable has been typically more expensive than other forms of borrowing. Often, companies that use it are unable to obtain less costly options. Sometimes it is used by companies that are growing rapidly or otherwise have too little cash on hand to fund their operations.

New startups in Fintech, like C2FO, are addressing this segment of the supply chain finance by creating marketplaces for account receivables. Liduidx is another Fintech company providing solutions through digitization of this process and connecting funding providers.

Financiers may be willing to structure accounts receivable financing agreements in different ways with various potential provisions.​

Special Considerations

Accounts receivable (AR, or simply "receivables") refer to a firm's outstanding balances of invoices billed to customers that haven't been paid yet. Accounts receivables are reported on a company’s balance sheet as an asset, usually a current asset with invoice payments due within one year.

Accounts receivable are considered to be a relatively liquid asset . As such, these funds due are of potential value for lenders and financiers. Some companies may see their accounts receivable as a burden since they are expected to be paid but require collections and cannot be converted to cash immediately. As such, accounts receivable assignment may be attractive to certain firms.

The process of assignment of accounts receivable, along with other forms of financing, is often known as factoring, and the companies that focus on it may be called factoring companies. Factoring companies will usually focus substantially on the business of accounts receivable financing, but factoring, in general, a product of any financier.

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• Receivables
• Notes Receivable
• Credit Terms
• Cash Discount on Sales
• Accounting for Bad Debts
• Bad Debts Direct Write-off Method
• Bad Debts Allowance Method
• Bad Debts as % of Sales
• Bad Debts as % of Receivables
• Recovery of Bad Debts
• Accounts Receivable Aging
• Assignment of Accounts Receivable
• Factoring of Accounts Receivable

Assignment of accounts receivable is an agreement in which a business assigns its accounts receivable to a financing company in return for a loan. It is a way to finance cash flows for a business that otherwise finds it difficult to secure a loan, because the assigned receivables serve as collateral for the loan received.

By assignment of accounts receivable, the lender i.e. the financing company has the right to collect the receivables if the borrowing company i.e. actual owner of the receivables, fails to repay the loan in time. The financing company also receives finance charges / interest and service charges.

It is important to note that the receivables are not actually sold under an assignment agreement. If the ownership of the receivables is actually transferred, the agreement would be for sale / factoring of accounts receivable . Usually, the borrowing company would itself collect the assigned receivables and remit the loan amount as per agreement. It is only when the borrower fails to pay as per agreement, that the lender gets a right to collect the assigned receivables on its own.

The assignment of accounts receivable may be general or specific. A general assignment of accounts receivable entitles the lender to proceed to collect any accounts receivable of the borrowing company whereas in case of specific assignment of accounts receivable, the lender is only entitled to collect the accounts receivable specifically assigned to the lender.

The following example shows how to record transactions related to assignment of accounts receivable via journal entries:

On March 1, 20X6, Company A borrowed $50,000 from a bank and signed a 12% one month note payable. The bank charged 1% initial fee. Company A assigned $73,000 of its accounts receivable to the bank as a security. During March 20X6, the company collected $70,000 of the assigned accounts receivable and paid the principle and interest on note payable to the bank on April 1. $3,000 of the sales were returned by the customers.

Record the necessary journal entries by Company A.

Journal Entries on March 1

Initial fee = 0.01 × 50,000 = 500

Cash received = 50,000 – 500 = 49,500

The accounts receivable don't actually change ownership. But they may be to transferred to another account as shown the following journal entry. The impact on the balance sheet is only related to presentation, so this journal entry may not actually be passed. Usually, the fact that accounts receivable have been assigned, is stated in the notes to the financial statements.

Journal Entries on April 1

Interest expense = 50,000 × 12%/12 = 500

by Irfanullah Jan, ACCA and last modified on Oct 29, 2020

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Assignment of Accounts Receivable – Trap for the Unwary

By  Steven A. Jacobson

Most businesses are familiar with the mechanics of an assignment of accounts receivable. A party seeking capital assigns its accounts receivable to a financing or factoring company that advances that party a stipulated percentage of the face amount of the receivables.

The factoring company, in turn, sends a notice of assignment of accounts receivable to the party obligated to pay the factoring company’s assignee, i.e. the account debtor. While fairly straightforward, this three-party arrangement has one potential trap for account debtors.

Most account debtors know that once they receive a notice of assignment of accounts receivable, they are obligated to commence payments to the factoring company. Continued payments to the assignee do not relieve the account debtor from its obligation to pay the factoring company.

It is not uncommon for a notice of assignment of accounts receivable to contain seemingly innocuous and boilerplate language along the following lines:

Please make the proper notations on your ledger and acknowledge this letter and that invoices are not subject to any claims or defenses you may have against the assignee.

Typically, the notice of assignment of accounts receivable is directed to an accounting department and is signed, acknowledged and returned to the factoring company without consideration of the waiver of defenses languages.

Even though a party may have a valid defense to payment to its assignee, it still must pay the face amount of the receivable to the factoring company if it has signed a waiver. In many cases, this will result in a party paying twice – once to the factoring company and once to have, for example, shoddy workmanship repaired or defective goods replaced. Despite the harsh result caused by an oftentimes inadvertent waiver agreement, the Uniform Commercial Code validates these provisions with limited exceptions. Accordingly, some procedures should be put in place to require a review of any notice of assignment of accounts receivable to make sure that an account debtor preserves its rights and defenses.

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Sale Transfer and Assignment of Receivables Agreement

This agreement is used when a company (the Assignor) agrees to sell, transfer, convey and assign to another company (the Assignee) certain assets of the Assignor, including the accounts receivable relating to the business. Commonly used in country/region: Internationally

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• Last Updated: 2018-11-26 16:32:13 +0200

PLEASE NOTE: The contents of samples of forms and documents are not intended to provide legal, accounting or other professional advice and should not be relied upon as such. These samples provide a general overview of legal information and are aimed for our clients who choose to prepare their own documents. The content of the samples are NOT a substitute for the Advice of an Attorney/Solicitor. It is advised to seek guidance from a professional before using or acting upon sample content to determine its suitability in regards to your circumstances.

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Assignment Of Accounts Receivable

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Contract for the assignment of receivables

A receivable assignment agreement is an agreement by which a creditor – the “assignor” – assigns to another person – the “assignee” – a receivable it holds against a third person – the “assigned debtor”. The assigned debtor is not a party to the assignment agreement. The mere exchange of consents between the assignor and the assignee is sufficient to give rise to the contract for the assignment of the receivable, the consent of the debtor not being necessary for its performance.

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Assignment of Accounts Receivable Non-Recourse

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This particular legal document or agreement of assignment is used to assist in articulating the terms of a receivable account where there is no recourse. Download more useful legal document templates from https://www.templateguru.co.za/templates/legal/

ASSIGNMENT OF ACCOUNTS RECEIVABLE-Non Recourse FOR VALUE RECEIVED the undersigned [YOUR COMPANY NAME] hereby sells and transfers all right title and interest in and to the account(s) receivable as annexed to [NAME]. The undersigned warrants that the said account(s) are just and due and the undersigned has not received payment for same or any part thereof; provided however that said account(s) are sold without recourse to the undersigned in the event of non-payment.

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Have you ever wondered if it was possible for someone to take over a contractual agreement samples for you? Perhaps a successor or protege is to step into your shoes, or you are entering into a business partnership where you feel the rights and obligations would be better handled by the other party. Perhaps you just want to get out of a loan you have no way of paying, and someone offers to take on the burden for you. Instead of voiding your contract (which might be a legal breach and cause trouble) and having the person or entity sign a new contract, you can use an assignment agreement contract.

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Assignment of Accounts Receivable Non-Recourse Template

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This assignment of accounts receivable non-recourse template has 1 pages and is a MS Word file type listed under our credit & collection documents.

Sample of our assignment of accounts receivable non-recourse template:

ASSIGNMENT OF ACCOUNTS RECEIVABLE This is an agreement made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [NAME] a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] FOR VALUE RECEIVED, the undersigned, [YOUR COMPANY NAME] hereby sells and transfers all right, title and interest in and to the account(s) receivable as annexed, to [NAME]. The undersigned w

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