Agreement General Form With 2 Points In Chicago

State:
Multi-State
City:
Chicago
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

A legally binding agreement is a contract between two parties that outlines specific rules or restrictions. Legally binding agreements can be used in official legal proceedings. Both parties must accept the terms in the contract for the agreement to be legally binding.

In general, a contract is a binding agreement, enforceable by law, between two or more parties that creates an obligation to do, or not do, something.

A contract is a legally enforceable agreement between two or more parties that creates an obligation to do (or not do) a particular thing. The parties must intend to create a legally enforceable agreement, but they need not intend to create – or even understand – that they are entering into a “contract.”

A contract is an agreement between parties, creating mutual obligations that are enforceable by law.

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Agreement General Form With 2 Points In Chicago