NOTICE AND ACKNOWLEDGEMENT OF ASSIGNMENT

Document Summary

The purpose of this notice is to oblige the recipient to acknowledge the assignment of the sender’s rights to the security agent, in which the recipient becomes obliged to pay the security agent any monies payable.

Description

There are three primary elements that must be present in order for an assignment of right to be valid, which are the consent between the transferor and the transferee, the subject matter, and the cause.

It should be noted that, the sender or the transferor remains liable under the agreement to perform all its obligations towards the recipient.

The document includes the acknowledgement of receipt by both the recipient and the security agent.

Jurisdiction

This document is intended for use in the United Arab Emirates.

Before Execution

• The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.
• Please delete this front page together with the information contained in the headers, footers, and the endnotes prior to circulating this letter. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.
• Please remove the square brackets and all highlighting prior to signature.

Disclaimer

This document is provided for reference only and is not intended to be, and should not be considered, legal advice. Determinations about whether this document will be appropriate in your particular situation or jurisdiction should be made after consultation with a legal counsel. Kanoony will not assume any legal liability that may arise from the use of this document.