Agreement Receivable Statement With Multiple Conditions In Ohio

Q: What is Ohio Administrative Code 3901 3 01?

Rule 3901-3-01 Requirement for approval of the proposed acquisition of control of or merger with a domestic insurer. The purpose of this rule is to establish the content of and form to be used in the application for approval of the proposed transaction with an insurer domiciled in this state.

Q: What is the statute of limitations for contracts in Ohio Revised Code?

Section 2305.06 Contract in writing. Except as provided in sections 126.301, 1302.98, 1303.16, 1345.10, and 2305.04 of the Revised Code, an action upon a specialty or an agreement, contract, or promise in writing shall be brought within six years after the cause of action accrued.

Category:

Contracts - Factoring

State:

Multi-State

Control #:

US-00037DR

Format:

Instant download

Description

The Agreement receivable statement with multiple conditions in Ohio is a legally binding document that facilitates the assignment of accounts receivable from a seller to a factor. This agreement allows the client to obtain immediate funding by selling their credit sales to a factor, who assumes responsibility for collecting those receivables. The form highlights essential provisions such as the requirements for sales notifications, credit approvals, and the responsibilities of each party regarding credit risks and merchandise returns. It outlines detailed procedures for invoicing and states the terms for payment, commissions, and reserves held by the factor. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this form beneficial for structuring financing agreements and managing client debts effectively. The document includes sections on warranties, taxation, and dispute resolution, emphasizing the importance of compliance with credit limits and documentation requirements. Moreover, it provides for the power of attorney to ease the administrative burden on the factor, ensuring swift collection processes.

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FAQ

The four types of accounts receivable are trade receivables, or accounts reflecting the sale of goods or services; non-trade receivables, or accounts not related to the sale of goods or services, like loans, insurance claims, and interest payments; secured receivables, which are backed by collateral and enshrined by a ...

Every valid contract in California needs to have four essential elements. (1) The parties must be capable of contracting, (2) the parties must consent to the contract, (3) the contract must have a lawful object (they cannot be for illegal services), and (4) the contract must be supported by consideration.

Rule 3901-3-01 | Requirement for approval of the proposed acquisition of control of or merger with a domestic insurer. The purpose of this rule is to establish the content of and form to be used in the application for approval of the proposed transaction with an insurer domiciled in this state.

Section 2305.06 | Contract in writing. Except as provided in sections 126.301, 1302.98, 1303.16, 1345.10, and 2305.04 of the Revised Code, an action upon a specialty or an agreement, contract, or promise in writing shall be brought within six years after the cause of action accrued.