Factoring Agreement With Bank In San Diego

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

Description

The Factoring Agreement with Bank in San Diego outlines the terms under which a Client assigns its accounts receivable to a Factor, facilitating access to immediate funds secured against these receivables. Key features of the form include the assignment of accounts without recourse, the requirement for client notification to customers regarding the assignment, and stipulations for credit approval by the Factor's Credit Department. Additionally, the agreement specifies the handling of credit risks and the conditions under which the Factor assumes losses due to customer insolvency. This form is particularly useful for Attorneys, Partners, Owners, Associates, Paralegals, and Legal Assistants who are involved in transactional law, as it provides a structured framework for ensuring compliance and protecting the rights of both the Factor and the Client. Instructions for filling out the form include providing accurate business details, understanding the implications of recourse agreements, and adhering to the formalities of notification and accounting. This agreement serves a variety of use cases, including securing working capital, managing cash flow, and mitigating risks associated with credit sales.