Factoring Agreement General Formula In King

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

Description

The Factoring Agreement General Formula in King is a comprehensive document that establishes the terms between a Factor and a Client regarding the purchase of accounts receivable. This agreement allows the Client, a corporation selling on credit, to obtain immediate funding through the sale of its future receivables to the Factor. Key features of the agreement include the absolute assignment of accounts receivable, the requirement of sales and delivery under the Factor's approval, and the assignment of the Client’s rights under customer contracts. Filling and editing instructions are straightforward, requiring details such as the names of the parties, the date, and specific percentages or numbers where applicable. The document is structured to facilitate clarity and compliance, outlining responsibilities concerning payment collection, credit risks, and tax obligations. It serves multiple purposes such as providing a legal framework for securing funds against receivables and detailing the responsibilities of each party in managing risks and returns. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in financial transactions, as it clarifies obligations and protections under the law.