Factoring Agreement Without Recourse In New York

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

Description

The Factoring Agreement Without Recourse in New York is a contractual document designed for the purchase and financing of accounts receivable between a factor and a seller. Key features of this agreement include the clear assignment of accounts receivable, ensuring that the factor purchases these receivables without recourse to the client, except as specified within the agreement. This allows the seller to obtain immediate cash flow for their business operations by leveraging future sales. It outlines the responsibilities of both parties, including sales and delivery notifications, credit approval processes, and the handling of returned merchandise. For users like attorneys, partners, owners, associates, paralegals, and legal assistants, this form is essential for structuring finance deals that mitigate risk for the seller while ensuring clear legal protections for the factor. Filling out the agreement involves inputting specific names, dates, and relevant business details while following the outlined conditions for approvals and payment terms. This document serves various use cases, particularly for businesses seeking liquidity against receivables, and enhances their operational efficiency without compromising on recourse.