Factoring Agreement Document For Payment Agreement In Florida
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The Factoring Agreement document for payment agreement in Florida outlines the terms under which a seller (Client) assigns their accounts receivable to a purchaser (Factor) in exchange for immediate funds. Key features include the assignment of accounts, credit approval requirements, and the assumption of credit risks. The form specifies the obligations of both Client and Factor, including invoicing procedures, rights under contracts, and conditions for merchandise returns. Filling instructions emphasize clarity, requiring proper completion of parties' details, and explicit terms regarding payment calculation and commission rates. This document is vital for professionals like attorneys, partners, and paralegals as it ensures legal protection and clear obligations, facilitating business transactions without delays. Furthermore, it serves associates and legal assistants in understanding operational finance agreements while maintaining compliance with state regulations.
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Documents you will have to provide: Factoring application. Articles of Association or registered Amendments to the Articles of Association of your company. Annual report for the previous financial year. Financial report (balance sheet andf profit/loss statement) for the current year (for 3, 6 or 9 months, respectively)
The factoring agreement will also include representations that each factored account is bona fide and represents indebtedness incurred by the customer for goods actually sold and delivered to the customer; that there are no setoffs, offsets, or counterclaims against the account; that the account does not represent a ...
