Factoring Agreement Document For Business In New York

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

Description

The Factoring Agreement Document for Business in New York is a legal contract that facilitates the sale of accounts receivable from a Client to a Factor. The agreement outlines the responsibilities of both parties, including the assignment of receivables, credit approval procedures, and conditions under which the Factor assumes credit risks. Key features include the clear delineation of terms for payments, commissions, and remedies for default. It requires the Client to ensure all sold accounts are not previously assigned and to provide necessary documentation to the Factor. Filling and editing instructions emphasize the importance of accurate identification of the parties, the completion of financial terms, and the inclusion of effective dates. This document is particularly useful for attorneys, partners, owners, and associates who need to establish financial liquidity through factoring, enhance business operations, and manage client receivables efficiently. Paralegals and legal assistants can utilize it to support their clients in maintaining compliance and proper documentation, while ensuring that all legal obligations are clearly defined and met.