Form Assignment Account Without Confirmation In Massachusetts

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

Description

The Form Assignment Account Without Confirmation in Massachusetts is a legal document designed for businesses seeking to assign their accounts receivable to a factor, facilitating access to immediate funds. This document outlines the roles of the factor and client, emphasizing the absolute ownership transfer of accounts receivable from the client to the factor without recourse. Key features include assignment conditions, credit approval processes, rights regarding client contracts, and remedies in case of warranty breaches. Fillers must complete sections detailing corporate information, percentage fees, and any specific customer agreements. Attorneys, partners, and legal assistants will find this form useful for drafting agreements that protect their client's financial interests while ensuring legal compliance. The document is integral for those involved in factoring agreements, as it stipulates the processes for merchandise sales, payment timelines, and potential liabilities involved. The clear structure and defined terms help facilitate understanding for users, making it an essential tool in the realm of commercial finance.