Agreement Accounts Receivable With Credit Card Processing In New York

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

Description

The Agreement accounts receivable with credit card processing in New York is a legal document that facilitates the assignment and purchase of accounts receivable between a seller and a factor. This agreement outlines the terms under which the seller (Client) assigns their receivables from credit sales to the factor, enabling the Client to obtain immediate funds while transferring the credit risk to the Factor. Key features include the obligation for the Client to notify customers of the assignment, the rights of the Factor to collect payments, and the Client's requirements for financial disclosures. It specifies the commission rates, credit approval processes, and the conditions under which the Factor assumes the credit risk. Notably, it includes provisions for breach of warranty, termination, and the process for mandatory arbitration of disputes. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in business finance, providing a clear framework for managing accounts receivable and ensuring compliance with credit requirements. Its clear instructions for filling and potential areas for negotiation make it versatile for professionals dealing with commercial transactions.