Factoring Purchase Agreement With Bank In Collin

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

Description

The Factoring Purchase Agreement with Bank in Collin is a comprehensive document that formalizes the sale and assignment of accounts receivable from a seller (Client) to a factor (Bank). Key features of this agreement include the assignment of accounts receivable, sales and delivery protocols, credit approval requirements, assumptions of credit risks, and specific terms regarding the purchase price of receivables. The form stipulates that the factor assumes credit risk for accepted accounts, provided they adhere to established credit limits, and outlines processes for reporting and handling returns or disputes. Additionally, the agreement contains provisions for financial reporting, record access, and the appointment of an attorney-in-fact for transactions related to the receivables. It serves various use cases for professionals such as attorneys and paralegals, who may use it for drafting tailored agreements or guiding clients through financial arrangements, and for business owners and associates seeking financing through factoring their receivables. Overall, this agreement is crucial for businesses seeking liquidity against their outstanding accounts while ensuring legal protections and clarity between the involved parties.