Factoring Agreement Document With Bank In Collin

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

Description

The Factoring Agreement Document with Bank in Collin establishes a legal relationship between a factor and a client, allowing the client to assign its accounts receivable to the factor for immediate funding. Key features include the assignment of receivables, which become the factor's property, and the condition that all sales and invoices must clearly notify customers of the transfer. The agreement outlines credit approval processes, risk assumptions, and the method for calculating the purchase price, which includes the factor's commission. Specific provisions detail how accounts are to be managed, including reporting requirements and the authority granted to the factor. This document is beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants, as it provides a structured approach to secure financing through accounts receivable while clarifying the rights and responsibilities of each party involved. Proper filling and editing of this document require attention to the specific details of each business relationship and the terms agreed upon by both parties.