Factoring Agreement Contract For Services In Illinois

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

Description

The Factoring Agreement Contract for Services in Illinois is designed for businesses seeking to sell their accounts receivable to a factoring company to improve cash flow. This agreement outlines the obligations of both the Factor and the Client regarding the assignment of accounts receivable, including sales and delivery of merchandise, credit approval, and the assumption of credit risks. Key features include provisions for the purchase price, ongoing communication requirements, rights under client contracts, and warranty clauses. Filling out the form requires accurate information about both parties, account assignments, and any limitations on accounts receivable. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form to facilitate business financing and ensure compliance with legal standards. The agreement also includes terms for breach of warranty and arbitration for dispute resolution, allowing users to mitigate risks effectively. Overall, this form serves as a comprehensive tool to support business transactions and financial management in compliance with Illinois law.