Agreement General Form For Payment In Suffolk

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

Description

The Agreement general form for payment in Suffolk outlines the terms of a factoring agreement between a corporate factor and a client selling accounts receivable. Key features include the assignment of accounts receivable, obligations of both parties regarding sales and credit approval, and the handling of merchandise returns. Users are instructed to clearly indicate any invoices or statements sent to customers, ensuring proper notification of their assignment to the factor. The form emphasizes proper documentation, including monthly profit and loss statements, along with rights and obligations regarding credit risks. It includes a power of attorney clause enabling the factor to act on behalf of the client in matters concerning the assigned receivables. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in commercial transactions or financing arrangements, as it provides a structured approach to managing receivables and clarifying the roles and responsibilities of each party involved.