Factoring Agreement Editable With Recourse In Salt Lake

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

Description

The Factoring Agreement editable with recourse in Salt Lake is a legal document that facilitates the assignment of accounts receivable from a seller (Client) to a buyer (Factor). This agreement allows the Client to obtain immediate funds by selling their future receivables while retaining some responsibility in case of customer insolvency. Key features include the Client's obligation to notify customers about the assignment, the Factor's discretion over credit approvals, and provisions for the handling of returned merchandise. This form requires careful filling with specific details about the parties and terms, including commission rates and payment conditions. Attorneys, partners, owners, associates, paralegals, and legal assistants can find this agreement particularly useful for structuring financing arrangements, managing cash flow, and minimizing credit risks. Editing the form is straightforward, making it adaptable to specific business needs. Proper understanding of terms like 'Client Risk Accounts' and 'recourse' is essential for accurate application, enhancing its value as a business tool in legal and financial transactions.