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.