Factoring Agreement General Format In Clark
Category:
State:
Multi-State
County:
Clark
Control #:
US-00037DR
Format:
Word;
Rich Text
Instant download
Description
The factoring agreement general format in Clark serves as a comprehensive legal document that establishes the contractual relationship between a factor (lender) and a client (seller) regarding the sale and purchase of accounts receivable. This agreement includes essential elements such as the assignment of accounts receivable, terms for sales and delivery of merchandise, credit approval processes, and the assumption of credit risks by the factor. Key features also include stipulations for the purchase price, monthly profit and loss statement requirements, and the power of attorney granted to the factor. Filling and editing instructions are straightforward, requiring parties to insert specific details such as names and dates while adhering to the legal structure. Additionally, it encompasses provisions for breach of warranty, termination, governing law, and mandatory arbitration, which are critical for both parties to understand. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who need to facilitate funding through accounts receivable while ensuring compliance with applicable laws and securing both parties' interests.
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FAQ
A factoring relationship involves three parties: (i) a buyer, who is a person or a commercial enterprise to whom the services are supplied on credit, (ii) a seller, who is a commercial enterprise which supplies the services on credit and avails the factoring arrangements, and (iii) a factor, which is a financial ...
