Factoring Agreement General With Recourse In Cook

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

Description

The Factoring Agreement General With Recourse in Cook outlines the terms under which a Factor purchases accounts receivable from a Client, allowing the Client to obtain funds for business operations. This type of agreement includes provisions for the assignment of receivables, sales and delivery of merchandise, credit approval processes, assumption of credit risks, and purchase price structures. The form ensures that sales and invoices clearly indicate the Factor as the payee, while also detailing the respective responsibilities of both parties. It lays out recourse provisions where the Client remains liable under certain conditions, ensuring that the Factor can claim payment for debts that exceed credit limits. This agreement serves various target audiences, including attorneys who need a framework for advising clients on financial transactions, and business owners looking for funding solutions against receivables. Paralegals and legal assistants can use this form to facilitate the collection and management of receivables, while associates and partners may utilize it to structure agreements beneficially for their businesses. Proper filling and editing instructions are crucial to ensure compliance with legal standards and to protect both parties' interests.