Factoring Agreement Document With Recourse In Bronx

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

Description

The Factoring Agreement Document with Recourse in Bronx is a legal template that facilitates the buying and selling of accounts receivable between a factor and a client. This agreement allows the client, typically engaged in business activities, to sell their accounts receivable to the factor for immediate cash flow while specifying that the factor assumes certain credit risks associated with these accounts. Key features of the agreement include the assignment of accounts receivable, sales and delivery terms for merchandise, client credit approval processes, and provisions for warranty of assignment and solvency. Users should fill in the required details, such as names, addresses, and specific percentages or numbers, while ensuring compliance with the laid-out terms. For attorneys, partners, owners, associates, paralegals, and legal assistants, this document serves several purposes: it provides a structured approach for securing financing against receivables, clarifies responsibilities in transactions, and helps mitigate potential credit risks. This legally binding form is essential for ensuring clarity and protecting the interests of both parties involved in the factoring arrangement.