Factoring Agreement Contract With Bank In California

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

Description

The Factoring Agreement Contract with Bank in California is a legal document that governs the sale and assignment of a client's accounts receivable to a factor. This agreement allows the client, typically a seller of goods or services, to receive immediate cash flow by selling their receivables at a discount to the factor. Key features include the assignment of receivables, sales and delivery terms, credit approval processes, assumption of credit risks, and the purchase price calculations. The form provides clear instructions for both filling and editing, ensuring that users can personalize it with their specific information and conditions. It includes provisions for monthly financial reporting and empowers the factor with specific rights to collect receivables. This contract is specifically useful for attorneys, business partners, owners, associates, paralegals, and legal assistants, as it facilitates effective management of accounts receivable and enhances cash flow for businesses. The form ensures compliance with California state laws and serves as a critical tool for legal professionals in structuring financing agreements.