Agreement Accounts Receivable With Credit Card Processing In Michigan

• Category: Contracts - Factoring
• State: Multi-State
• Control #: US-00037DR
• Format: Word; Rich Text

Description

The Agreement accounts receivable with credit card processing in Michigan facilitates the sale and management of a client's accounts receivable to a factoring company (Factor). This agreement allows the client to obtain immediate funds and commercial credit against sales made on credit, thus improving cash flow. Key features include the assignment of accounts receivable, credit approval processes, and terms for the purchase price of the receivables, which is subject to a commission. The form requires specific filling and editing instructions, such as entering the names of parties, addresses, and commission rates, while also necessitating the submission of invoices and financial statements. This agreement is particularly useful for attorneys, partners, and owners in financial management, providing legal protection when transferring accounts receivable. Paralegals and legal assistants can efficiently manage documentation and ensure compliance with terms by maintaining accurate records as stipulated in the agreement. It also serves as a framework for ensuring that any disputes follow the binding arbitration process outlined, protecting both parties involved.