Agreement Accounts Receivable Without Recourse In Pennsylvania

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

Description

The Agreement accounts receivable without recourse in Pennsylvania is a comprehensive legal document designed for the assignment and purchase of accounts receivable between a factor and a client. This form enables a business to secure immediate funds by selling its receivables without incurring additional liability, as it explicitly states that the factor assumes credit risk for the purchased accounts. Key features include provisions for sales and delivery of merchandise, credit approval processes, and definitions of rights and obligations under the agreement. Users must fill in the names of parties and specific details such as purchase price percentages and timeframes. The document is primarily useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in financial transactions, providing clarity and structure in factoring agreements. These professionals can leverage the form to streamline the financing process while mitigating risks associated with client receivables. Additionally, the agreement outlines important contingencies, such as the need for a power of attorney, and establishes guidelines for addressing disputes through arbitration, reinforcing its practical applications for secure business operations in Pennsylvania.