Agreement Receivable Statement With Multiple Conditions In King

Category:

Contracts - Factoring

State:

Multi-State

County:

King

Control #:

US-00037DR

Format:

Instant download

Description

The Agreement receivable statement with multiple conditions in King outlines the terms under which a Factor purchases accounts receivable from a Client, allowing the Client to access immediate funds against their credit sales. This form requires the Client to assign accounts receivable to the Factor and provides guidelines on invoice management, credit approvals, and the assumption of credit risks. It stipulates that all sales documentation must inform customers that payments are now owed to the Factor, and it details conditions under which the Factor can collect debts directly. Legal professionals such as attorneys, paralegals, and associates will find this document valuable as it clarifies responsibilities and defaults in receivables management. It emphasizes Client solvency, limitations on invoice amounts, and the necessity for regular financial reporting to maintain transparency. Key filling and editing instructions are straightforward, requiring careful entry of data to avoid disputes later. This form is particularly useful in situations where businesses rely heavily on credit sales and need a structured approach to managing cash flow and credit risk. Compliance with the conditions of the Agreement is crucial for safeguarding the interests of both parties involved.

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FAQ

Answer and Explanation: The quality of receivables refers to the likelihood of collection without loss.

Accounts receivable are listed under the current assets section of the balance sheet and typically fluctuate in value from month to month as the company makes new sales and collects payments from customers.

The four types of accounts receivable are trade receivables, or accounts reflecting the sale of goods or services; non-trade receivables, or accounts not related to the sale of goods or services, like loans, insurance claims, and interest payments; secured receivables, which are backed by collateral and enshrined by a ...

Explanation: Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. They are considered an asset in financial accounting. Assets appear on the balance sheet of a business.