Agreement Receivable Statement With Multiple Conditions In Collin
Category:
State:
Multi-State
County:
Collin
Control #:
US-00037DR
Format:
Word;
Rich Text
Instant download
Description
The Agreement Receivable Statement with Multiple Conditions in Collin is a legal document that outlines the terms under which a seller assigns their accounts receivable to a factor for financing purposes. This agreement enables the client, typically a business engaged in credit sales, to obtain immediate funds while the factor purchases these receivables. Key features of the agreement include provisions for the assignment of receivables, explicit credit approval processes, and stipulations regarding the assumption of credit risks. Clients must provide detailed documentation, such as invoices and profit statements, and must adhere to credit limits established by the factor. It is crucial for users to understand that factors retain the right to collect payments in their name and can enforce legal actions if necessary. This form is particularly useful for attorneys, partners, business owners, associates, paralegals, and legal assistants, as it provides a structured approach to managing receivables for financing. Additionally, the document includes clauses regarding breach of warranty, termination, and mandatory arbitration, ensuring that all parties are clear on their rights and obligations.
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FAQ
The four types of accounts receivable are trade receivables, or accounts reflecting the sale of goods or services; non-trade receivables, or accounts not related to the sale of goods or services, like loans, insurance claims, and interest payments; secured receivables, which are backed by collateral and enshrined by a ...
Answer and Explanation: The quality of receivables refers to the likelihood of collection without loss.
Explanation: Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. They are considered an asset in financial accounting. Assets appear on the balance sheet of a business.
