Factoring Agreement Form For School In Allegheny

State:
Multi-State
County:
Allegheny
Control #:
US-00037DR
Format:
Word; 
Rich Text
Instant download

Description

A factor is a person who sells goods for a commission. A factor takes possession of goods of another and usually sells them in his/her own name. A factor differs from a broker in that a broker normally doesn't take possession of the goods. A factor may be a financier who lends money in return for an assignment of accounts receivable (A/R) or other security.

Many times factoring is used when a manufacturing company has a large A/R on the books that would represent the entire profits for the company for the year. That particular A/R might not get paid prior to year end from a client that has no money. That means the manufacturing company will have no profit for the year unless they can figure out a way to collect the A/R.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

Get a Release Letter: Once all obligations are fulfilled, ask for a release letter from the factoring company. This document should state that you have fulfilled all contractual obligations and that the factoring company has no further claim on your invoices or receivables.

Invoice factoring is an agreement to assign your accounts receivable (A/R) to a factoring company. So the letter communicates that a third party (factoring company) is managing and collecting your A/R.

Invoice factoring can be a good option for business-to-business companies that need fast access to capital. It can also be a good choice for those who can't qualify for more traditional financing.

More info

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Factoring Agreement Form For School In Allegheny