Form Assignment Accounts With Multiple Accounts In Philadelphia

Category:

Contracts - Factoring

State:

Multi-State

County:

Philadelphia

Control #:

US-00037DR

Format:

Instant download

Description

The General Form of Factoring Agreement regarding the Assignment of Accounts Receivable is a legal document that facilitates the sale of accounts receivable by a seller (Client) to a factoring entity (Factor) in Philadelphia. This form allows Clients to obtain immediate funds by transferring payment rights to their accounts receivables, which may arise from credit sales. Key features include assigning accounts receivable to the Factor, the requirement for approval of sales, and the establishment of credit limits. Users must carefully fill out the form by providing the necessary company details, including names, addresses, and specific terms regarding commissions and payment schedules. This form is beneficial for attorneys and legal professionals as it speeds up cash flow for businesses while managing credit risks. It serves partners and business owners by enabling them to leverage their receivables for economic growth. Paralegals and legal assistants can assist in preparing this form by ensuring all sections are completed accurately, while associates can gain insights into factoring principles that apply in their practice areas. The clear structure and legal definitions included make it easier for entities unfamiliar with factoring agreements to understand their rights and obligations.

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Code r. 1024 - Verification. (a) Every pleading containing an averment of fact not appearing of record in the action or containing a denial of fact shall state that the averment or denial is true upon the signer's personal knowledge or information and belief and shall be verified.