Factoring Agreement Sample Format In Chicago

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

Description

The Factoring Agreement sample format in Chicago is a structured document that outlines the relationship between a factor (lender) and a client (seller) regarding the assignment of accounts receivable. This agreement begins by identifying the parties involved and their respective businesses. Key features include provisions for the assignment of receivables, credit approval processes, and credit risk assumptions. The agreement emphasizes the client's responsibility to notify customers about the assignment of their accounts and the factor's rights to collect on these accounts. It also includes sections on warranties, maintenance of financial records, and terms for termination of the agreement. Fill out the form by entering the names of the factor and client, their business addresses, and any specified percentages or days in the blanks provided. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in facilitating business financing, as it provides a clear framework to manage the sale of receivables and mitigate risks associated with credit. By using this format, users can ensure that both parties are protected and understand their obligations.