Qatar: assignment of rights and obligations under the Qatari civil code
Lenders providing financing for the construction or purchase of assets such as a power plant, a ship or a building often stipulate that the receivables arising from the asset should be assigned to the lenders. Once such receivables are assigned to the lenders, they are ‘ring fenced’ — thereby securing the cashflows from the asset for servicing the payments under the loan provided in connection with the asset.
Generally, an assignment is a process of transferring rights and/or obligations held by one party — the assignor to another party — the assignee. Assignment agreements relating to assignment of rights (or receivables) are typically bilateral agreements between the assignor and the assignee with a notification sent to the debtor. The assignment agreement, relating to an assignment of obligations in general is a tri-party agreement, between the debtor, the creditor and the assignee…
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