General Form Example In Contra Costa

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

Description

The General Form of Factoring Agreement regarding the Assignment of Accounts Receivable is a legal document used in Contra Costa, outlining the terms between a factor (the purchaser of accounts receivable) and a client (the seller). This agreement allows the client to obtain funds by selling their accounts receivable to the factor. Key features include the assignment of accounts receivable, credit approval processes, and the assumption of credit risks by the factor. It mandates that invoices must clearly state the factor as the owner, and sales are only approved upon factor's discretion. Additionally, the client provides regular financial statements and facilitates the factoring process through proper bookkeeping. This form is particularly useful for attorneys, partners, and legal assistants who advise businesses on financing options. Paralegals and associates may find value in understanding the legal terms and obligations set forth in the agreement, helping clients navigate their financial relationships. It is essential for users to fill in specific details like dates, commission rates, and names, ensuring compliance with state laws outlined in the agreement.