The Assignment Of Claim Agreement is a crucial document used in Belgian commercial and financial transactions when one party wishes to transfer their rights to receive payment or other performance from a debtor to another party. This type of agreement is commonly used in debt trading, factoring arrangements, corporate restructuring, and general commercial transactions. The document must comply with specific requirements under Belgian law, particularly Articles 1689-1701 of the Belgian Civil Code, which govern the transfer of claims. It includes essential elements such as detailed identification of the claim being assigned, purchase price, warranties about the claim's validity, and provisions for notifying the debtor. The agreement is particularly important in scenarios involving debt portfolio sales, business acquisitions, or when companies need to monetize their receivables. When cross-border elements are involved, the agreement must also consider relevant EU regulations, particularly the Rome I Regulation on the law applicable to contractual obligations.
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1. Parties: Identification of the Assignor and Assignee, including full legal names, registration details, and addresses
2. Background: Context of the assignment, including brief description of the original claim and reason for assignment
3. Definitions: Definitions of key terms used throughout the agreement, including 'Claim', 'Debtor', 'Effective Date', and 'Assignment'
4. Object of Assignment: Detailed description of the claim(s) being assigned, including the original contract details, debtor information, and amount
5. Assignment and Transfer: Core provision effecting the transfer of the claim from Assignor to Assignee
6. Purchase Price: Amount to be paid for the assignment and payment terms
7. Representations and Warranties: Assignor's warranties regarding ownership, validity, and status of the claim
8. Notification: Provisions regarding notification to the debtor and formalities required under Belgian law
9. Further Assurance: Obligations to execute additional documents or take further steps to perfect the assignment
10. Governing Law and Jurisdiction: Specification of Belgian law as governing law and designation of competent courts
1. Security and Guarantees: Required when the assigned claim is secured by collateral or guarantees
2. Post-Assignment Collections: Include when specific arrangements are needed for handling payments received by the Assignor after assignment
3. Tax Provisions: Required when there are specific tax implications that need to be addressed
4. Data Protection: Include when personal data is involved in the assigned claims
5. Anti-Money Laundering: Required for assignments involving financial institutions or large sums
6. Costs and Expenses: Include when there are significant costs associated with the assignment that need to be allocated
7. Partial Assignment: Required when only part of a claim is being assigned
8. Recourse Provisions: Include when specifying whether the assignment is with or without recourse to the Assignor
1. Schedule 1 - Claim Details: Detailed description of the claim(s) being assigned, including contract references, amounts, and payment terms
2. Schedule 2 - Original Contract: Copy of the original contract giving rise to the assigned claim
3. Schedule 3 - Debtor Information: Details of the debtor(s) and their contact information
4. Schedule 4 - Form of Notice: Template notification letter to be sent to the debtor
5. Schedule 5 - Security Documents: Copies of any security documents or guarantees related to the assigned claim
6. Schedule 6 - Power of Attorney: If required, form of power of attorney for the Assignee to act in relation to the claim
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