Factoring Agreement Contract With Nike In Travis

State:
Multi-State
County:
Travis
Control #:
US-00037DR
Format:
Word; 
Rich Text
Instant download

Description

The Factoring Agreement Contract with Nike in Travis is a formal document establishing the relationship between a factor, who purchases accounts receivable from a seller (the client). The agreement begins by outlining the purpose of the contract, specifically the client's need for funds through the sale of its accounts receivable. It details the responsibilities of both parties, including the assignment of accounts, sales procedures, and credit approval processes. The agreement provides for the factor to accept and purchase obligations without recourse, as well as assuming certain credit risks. It includes provisions for the purchase price calculation, the requirement for proper documentation, and the handling of returned merchandise. Additionally, the document mandates reporting and inspection of financial records, and outlines terms for termination, arbitration, and breach of warranty, ensuring clarity in the enforcement of rights. This agreement is crucial for attorneys, partners, owners, associates, paralegals, and legal assistants dealing with commercial transactions, as it offers a structured approach to managing financial relationships and obligations in a business context.
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FAQ

A factoring relationship involves three parties: (i) a buyer, who is a person or a commercial enterprise to whom the services are supplied on credit, (ii) a seller, who is a commercial enterprise which supplies the services on credit and avails the factoring arrangements, and (iii) a factor, which is a financial ...

There are at least two parties to a contract, a promisor, and a promisee. A promisee is a party to which a promise is made and a promisor is a party which performs the promise. Three sections of the Indian Contract Act, 1872 define who performs a contract – Section 40, 41, and 42.

A factoring agreement involves three key parties: The business selling its outstanding invoices or accounts receivable. The factor, which is the company providing factoring services. The company's client, responsible for making payments directly to the factor for the invoiced amount.

Who Are the Parties to the Factoring Transaction? Factor: It is the financial institution that takes over the receivables by way of assignment. Seller Firm: It is the firm that becomes a creditor by selling goods or services. Borrower Firm: It is the firm that becomes indebted by purchasing goods or services.

This will help you understand your rights and options. Contact the factoring company. Talk to the factoring company directly and explain the situation. Ask them why the release hasn't been issued yet and when you can expect it. Be polite and professional, but be firm in your request. Get everything in writing.

The factoring company assesses the creditworthiness of the customers and the overall financial stability of the business. Typically, the factoring rates range from 1% to 5% of the invoice value, but they can be higher or lower depending on the specific circumstances.

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Factoring Agreement Contract With Nike In Travis