Jurisdiction(s):
United Kingdom

Key definition

Counterparty definition

What does Counterparty mean? In legal practice, the counterparty is the other person or entity with whom a party enters into a contract or completes a transaction. The term is descriptive and used across contracts, corporate deals, banking, insurance and derivatives. It is not generally defined in contract law, but specific financial services legislation uses defined variants, such as eligible counterparty under MiFID II and financial/non-financial counterparty and central counterparty (CCP) under EMIR. A transaction may have multiple counterparties. Correctly identifying the counterparty (legal name, capacity and authority) is essential for due diligence, KYC/AML, service of notices, performance and enforcement. Lawyers assess counterparty risk...

Form of Notice and Acknowledgement of Security Assignment of Contract Rights—Single Company Assignor, Bilateral, Specific Monies (England and Wales)

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Precedents

Notice of assignment [ To be printed on the headed notepaper of the assignor ]

To: [ insert name and address of the relevant contract counterparty ]

Date: [ insert date ]

Dear [ insert organisation name ],

[ insert brief description of the relevant assigned contract ]

We make reference to the transfer of contractual rights (the ‘Assignment’) dated [ insert date ], executed by us in our capacity as assignor (the ‘Assignor’), in favour of [ insert name of lender ] (the ‘Lender’).
We also refer to the agreement concerning [ insert description of relevant contract ] dated [ insert date ], concluded between us as [ insert party ] and you, [ insert name of relevant counterparty ], as [ insert party ] (as amended, novated, supplemented, restated or replaced from time to time) (the ‘Contract’)...

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Web page updated on 22/05/2026

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