Factoring Agreement Form With Bank In Phoenix

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

Description

The Factoring Agreement Form with Bank in Phoenix is a legally binding document outlining the terms under which a bank (the Factor) purchases the accounts receivable of a seller (Client) to provide immediate funds for business operations. Key features of the form include the assignment of all current and future accounts receivable to the Factor, procedures for sales and delivery of merchandise, and credit approval processes. The agreement specifies terms for the assumption of credit risks, including conditions under which losses will be covered by the Factor, and outlines the responsibilities of both parties in managing accounts and settling disputes. It includes provisions for the purchase price calculation, record-keeping, and the rights of the Factor regarding Client's contracts and solvency warranties. Additionally, the form establishes mechanisms for termination, modification, and arbitration of disputes. This form is especially useful for attorneys, partners, owners, associates, paralegals, and legal assistants in ensuring compliance with legal standards while facilitating business financing solutions. By using this form, they can streamline the factoring process and protect their clients' interests in financial transactions.