Factoring Agreement With Recourse In Kings

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

Description

The Factoring Agreement with Recourse in Kings is a legally binding document that facilitates the purchase of accounts receivable from a Seller (Client) by a Factor (a corporation). This agreement allows the Client to obtain immediate funds by assigning their accounts receivable to the Factor while ensuring that the Factor has the right to recourse if the accounts are not collected. Key features include the assignment of accounts receivable, sales and delivery stipulations, and credit approval processes. It also details the responsibilities of both parties regarding credit risks, warranties of solvency, and the payment process. The form provides clear instructions for filling out necessary details, including parties' information, payment percentages, and processing terms. Use cases are particularly relevant for attorneys, partners, owners, associates, paralegals, and legal assistants who assist businesses in managing cash flow and securing financing. This agreement ensures transparency and protection for both parties in the financial transaction, making it a crucial tool for those involved in business finance and legal aspects of factoring.