Factoring Agreement Sample Format In Wake

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

Description

The Factoring Agreement sample format in Wake outlines the contractual relationship between a factor and a client concerning the assignment of accounts receivable. Key features include the assignment of all existing and future accounts receivable by the client to the factor, allowing for immediate access to funds while maintaining the client's business operations. The form delineates responsibilities for sales and delivery of merchandise, requiring invoices to inform customers of the factoring arrangement. Credit approval processes and assumptions of risk are clearly defined, ensuring protection for the factor while allowing the client to operate within established credit limits. The factor's commission and the calculation of the purchase price are also specified, alongside procedures for handling returned merchandise and credit disputes. Filling and editing instructions are implicit; users must provide accurate and complete information, ensuring all agreements are documented properly. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who facilitate financing arrangements through factoring, as it clarifies their rights and obligations under the agreement, while providing a framework for risk management and legal compliance.