Agreement Form Assignment Contract For Lending Money In Philadelphia

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

Description

The Agreement form assignment contract for lending money in Philadelphia facilitates the sale of accounts receivable from a seller (Client) to a lender (Factor) in exchange for immediate funds. Key features of this form include the assignment of receivables as absolute ownership by the Factor, approval of customer credit by the Factor, and the establishment of specific terms for repayment and interest. The form also outlines the responsibilities of both parties regarding invoicing and merchandise delivery, with clauses ensuring Factor's right to collect directly from customers. It emphasizes the necessity for accurate bookkeeping and regular profit-loss reporting to the Factor. Furthermore, the contract allows for arbitration in case of disputes and includes terms for termination. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in financial transactions, providing a clear framework to navigate the complexities of factoring agreements and ensuring compliance with legal standards. The form simplifies the process for users, making it accessible even for those with limited legal experience.