Factoring Agreement Document With Recourse In Harris

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

Description

The Factoring Agreement Document with Recourse in Harris is a contractual agreement between a factor and a client, whereby the client sells accounts receivable to the factor for immediate funds while retaining certain obligations. Key features include the assignment of receivables, credit approval requirements, and an outline of the factors' rights to collect payments. In this agreement, the factor assumes losses from the insolvency of the customer but holds the client responsible for Client Risk Accounts. The form contains provisions for handling returned merchandise, calculating the purchase price, and ensuring the protection of each party's rights. Filling instructions call for accurate details of both parties and clear documentation concerning the accounts receivable being assigned. Attorneys, partners, and paralegals will find this form useful for structuring financing arrangements and collections, while owners and associates can utilize it to secure needed resources against unpaid invoices. Legal assistants should focus on maintaining compliance with the specifications outlined in the agreement while ensuring proper execution and documentation.