Cession agreement (contract)

Cession agreement (contract) drafting service is meant for Latvian companies (like Limited Liability Company) and induviduals (physical persons).

Cession agreement drafting

Cession always involve three parties - debtor, former creditor (assignor - the cedent) and the new creditor (assignee - the cessionary).

Cession contract process does not require the consent of the debtor, and the assignee acquires only the right to claim the debt not becoming a participant of pre-existing commitments or agreements.

• Cession contract drafting service price - 55 LVL (75 EUR) (starting from)

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What is cession

The act of cession is the assignment of property to another entity.

Cession is the equivalent of assignment, and therefore, is an act by which a personal claim is transferred from the assignor (the cedent) to the assignee (the cessionary).

Cession agreement means that the creditor on the basis of a specific contract, assign their rights to claim debt against the debtor to another a new creditor, who don't have to necessarily be a creditor. This contract is for the legal entities and it is addressed in the amount of the claim, the rights included, duties and responsibilities.

When cession is needed

The most common cession (assignment) is necessary for debt collection, as well as for investor's financial activities.