Factoring Agreement Document With Recourse In Queens

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

Description

The Factoring Agreement Document with Recourse in Queens is a legal contract between a factor and a seller (client) regarding the assignment of accounts receivable. This agreement outlines the buyer's intention to purchase the client's accounts receivable, allowing the client to gain immediate cash flow while transferring the credit risk, with certain limitations. Key features include the assignment of receivables, provisions for sales and delivery of merchandise, credit approval processes, and assumptions of credit risks. The factor will also charge the client certain commissions and fees, while the client must maintain strict adherence to established credit limits. Filling and editing instructions emphasize the importance of clear documentation and timely communications between parties, as well as signatures from authorized representatives to validate the agreement. Specific use cases for this document include facilitating cash flow for businesses engaged in selling products or services on credit, asset management for law firms, and supporting financial operations for clients needing immediate liquidity. The audience for this agreement includes attorneys, business owners, partners, associates, paralegals, and legal assistants who seek to understand the terms and obligations inherent in factoring arrangements.