Agreement Receivable Statement With Text In Suffolk
Category:
State:
Multi-State
County:
Suffolk
Control #:
US-00037DR
Format:
Word;
Rich Text
Instant download
Description
The Agreement Receivable Statement with Text in Suffolk serves as a binding contract between a Factor and a Seller, outlining the terms under which the Factor purchases the Seller's accounts receivable. Key features include the assignment of all existing and future receivables, sales and delivery stipulations involving customer notification, credit approval procedures, and the Factor's assumption of credit risks on accepted accounts. The form also establishes client obligations regarding profit and loss statements, book entries, and necessary warranties regarding the validity of assigned accounts. Utility for attorneys, partners, owners, associates, paralegals, and legal assistants is significant, as it provides a clear framework for the management of receivables and the responsibilities of each party involved, ensuring transparency in credit transactions. The form simplifies the process of obtaining funds against accounts receivable, making it beneficial for clients seeking quick financing options. Additionally, it addresses dispute resolution and the governing law, making it a comprehensive tool for legal compliance and risk management in financing arrangements.
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