Factoring Agreement Document For Payment Agreement In Maricopa

Category:

Contracts - Factoring

State:

Multi-State

County:

Maricopa

Control #:

US-00037DR

Format:

Instant download

Description

The Factoring Agreement document for payment agreement in Maricopa is a legal framework facilitating the sale of accounts receivable from a seller (Client) to a buyer (Factor). This agreement enables businesses to obtain immediate funds by selling their receivables at a discount. Key features include the assignment of accounts receivable, conditions for sales and delivery, credit approval processes, and the assumption of credit risks by the Factor, which protects the seller when customers default. Filling and editing instructions advise users to clearly indicate the parties involved, specific terms, and dates to avoid disputes. The document is particularly useful for attorneys and legal professionals who assist businesses in navigating financing options. Partners, owners, and associates benefit by understanding financial arrangements better to improve cash flow. Paralegals and legal assistants can facilitate the preparation and filing of this agreement, ensuring compliance with legal standards for their clients' transactions.

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FAQ

Maintenance, Repair, Replacement and Alteration construction activities, collectively referred to as MRRA activities, are specifically excluded from the prime contracting classification. MRRA activities entail contracting activities on existing property.

Construction contracting (business code 015)

The tax is imposed on each employer in the state at 0.1% of taxable wages. The tax is collected by the Department of Economic Security and deposited in the Arizona Job Training Fund.

The ROC licenses and regulates residential and commercial contractors. ROC staff investigate and work to resolve complaints against licensed contractors and unlicensed entities. The ROC is a 90/10 agency.

Out-of-state contractors performing prime contracting work in Arizona will generally be taxable under one of the categories listed above. Contractors engaging in taxable construction projects or activities are required to obtain a TPT license.

Arizona originally adopted TPT in 1933 when the rate for selling tangible personal property at retail was 2 percent. That rate is currently 5.6 percent. On top of the state TPT, there may be one or more local TPTs, as well as one or more special district taxes, each of which can range between 0 percent and 5.6 percent.

"Prime contractor" means a contractor who supervises, performs or coordinates the modification of any building, highway, road, railroad, excavation, manufactured building or other structure, project, development or improvement, including the contracting, if any, with any subcontractors or specialty contractors and who ...

A total Transaction Privilege (Sales) Tax rate of 8.35%, (6.35% State and County, 2.00% Prescott), is imposed on the gross income of any person engaging in Construction Contracting. If tax has been neither separately charged nor separately collected, factoring of tax is allowed in computing taxable income.