Factoring Agreement Sample With Recourse In Nassau

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

Description

The Factoring Agreement Sample With Recourse In Nassau is a formal contract designed between a Factor and a Client, outlining the purchase of accounts receivable. The agreement stipulates that the Client assigns its receivables to the Factor; however, certain obligations remain with the Client, which is the essence of 'recourse'. Key features include provisions for the assignment of receivables, credit approval processes, the Factor's right to collect on these receivables, and implications of credit risk. The agreement also details the responsibilities of the Client, including reporting requirements, commission rates, and obligations concerning merchandise returns. This form serves crucial purposes for the target audience of attorneys, partners, owners, associates, paralegals, and legal assistants by providing a structured and legally binding framework for managing receivables and minimizing financial risks. By using this standardized form, legal professionals can ensure compliance while also tailoring specific sections to meet their clients’ unique situations effectively.