Factoring Agreement Sample With Bank In Kings

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

Description

The Factoring Agreement Sample with Bank in Kings outlines the roles and responsibilities of a factor and a client in the assignment of accounts receivable. This document serves as a formal agreement for the factor to purchase the client's receivables, allowing the client to obtain immediate funds based on those accounts. Key features include detailed sections on the assignment of receivables, credit approval processes, sales and delivery requirements, and conditions for credit risk assumption. It also contains provisions regarding the purchase price of receivables, reporting obligations, and warranties regarding the client's solvency and existing agreements with customers. Filling and editing instructions emphasize the importance of accurately completing designated sections to ensure compliance and the clarity of terms. It is particularly useful for legal professionals, such as attorneys, partners, owners, associates, paralegals, and legal assistants, as it aids in facilitating business operations, managing financial risks, and ensuring the enforceability of contracts under U.S. law. This form can be used in various scenarios, either within law firms for client contracts or directly by businesses seeking efficient cash flow management through factoring.