Agreement Accounts Receivable For Cash In Illinois

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

Description

The Agreement accounts receivable for cash in Illinois is a formal contract between a factor (a financing entity) and a client (a business) where the client sells its accounts receivable to the factor in exchange for immediate cash. Key features of this agreement include the assignment of receivables, which allows the factor to assume collection rights, and the establishment of terms for credit approvals, the purchase price of receivables, and the conditions under which the contract can be terminated. The form also delineates the responsibilities of both parties regarding the notification of customers, handling of disputed payments, and management of related financial records. Filling and editing instructions typically include specifying the names of the factor and client, the nature of the business, and ensuring all relevant fields are accurately completed. Use cases for this agreement are particularly relevant for attorneys, partners, and business owners looking to leverage their receivables as immediate cash flow, while paralegals and legal assistants can aid in document preparation and compliance. This agreement is essential for businesses that sell on credit and seek financial flexibility, as it clearly outlines the terms and legalities involved in receivables assignment.