Factoring Agreement With Bank In King

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

Description

The Factoring Agreement with Bank in King is a formal document outlining the terms under which a bank, referred to as the Factor, purchases accounts receivable from a seller, designated as the Client. This agreement enables the Client to obtain immediate funds against their receivables, which are sold to the Factor without recourse, except as outlined in the agreement. Key features include the assignment of accounts receivable, sales processes, credit approvals, and risk assumptions. The Client agrees to maintain specific credit limits and must report any disputes or returns promptly. Filling out the form involves providing detailed information about both parties and the nature of the business transactions. It's particularly useful for maintaining a consistent cash flow and can aid businesses seeking financial flexibility. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this document indispensable for facilitating client financing arrangements and ensuring compliance with lending requirements.