Agreement Accounts Receivable Without Recourse In San Bernardino

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

Description

The Agreement accounts receivable without recourse in San Bernardino serves as a structured legal document between a Factor and a Client engaging in the sale and assignment of accounts receivable. This agreement outlines the purchase of accounts receivable by the Factor without recourse to the Client, meaning the Factor assumes the credit risks associated with the purchased receivables, except for those categorized as Client Risk Accounts. Key features include the establishment of credit limits, the requirement for written approval from the Factor before merchandise sales, and the stipulation that all invoices must notify customers of the assignment to the Factor. The form provides a detailed methodology for how transactions should be documented, including entries on the Client's books and required monthly financial statements. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it helps ensure compliance with legal and financial standards while facilitating efficient business operations. It is designed to minimize risks associated with bad debts and streamline the collection process, ultimately aiding businesses in maintaining cash flow and operational liquidity.