Agreement Accounts Receivable Without Recourse In New York

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

Description

The Agreement accounts receivable without recourse in New York serves as a crucial document for businesses engaging in factoring agreements. It outlines the terms under which a seller (Client) assigns their accounts receivable to a factor (Factor) without recourse, relieving the seller of liability for defaults on those accounts. Key features include the assignment of accounts receivable, credit approvals, and the assumption of credit risks related to accepted accounts. Users must complete the form by filling in the necessary details, such as the names of the parties involved, the date of the agreement, and any specified interest rates or commission percentages. Legal professionals, including attorneys, partners, owners, associates, paralegals, and legal assistants can use this form to facilitate financial transactions for clients, ensuring smooth operations in business financing. It aids in protecting businesses from credit risks associated with customer insolvency while providing a structured approach to managing receivables. Additionally, the agreement emphasizes clarity concerning the responsibilities of both parties and stipulates processes for fee collection and dispute resolution, making it an invaluable tool in commercial law.