Factoring Agreement Document Format In Bronx

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

Description

The Factoring agreement document format in Bronx is a detailed legal contract between a factor, who purchases accounts receivable, and a seller, who assigns these receivables to the factor. This agreement outlines crucial terms such as the assignment of receivables, the sales process, credit approval, and the mutual responsibilities of both parties. Key features include the definition of acceptable accounts receivable, the handling of sales and deliveries, the assumption of credit risks, and the process for calculating and paying the purchase price. It contains specific provisions for handling disputes, warranty of solvency, and reporting requirements. For attorneys, partners, owners, associates, paralegals, and legal assistants, this form can serve as a foundational tool to facilitate business financing arrangements, helping clients manage cash flow by enabling them to sell their accounts receivable at a discount for immediate cash. The clear structure and precise terms aid in reducing legal ambiguities and fostering a mutual understanding of the agreement's obligations and protections.