Form Assignment Accounts With No Fees In Washington

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

Description

The General Form of Factoring Agreement regarding the Assignment of Accounts Receivable is a legally binding document designed for businesses in Washington seeking to assign their accounts receivable to a factor without incurring fees. This form enables clients to obtain necessary funds by selling their receivables while transferring the risk of credit loss to the factor. Key features include clearly defined assignments of accounts, obligations for sales and delivery, credit approval processes, and detailed provisions on the assumption of credit risks. Users are required to provide comprehensive information, including company details and the nature of the business. Filling and editing instructions emphasize the importance of accuracy in the entries, such as dates and commission percentages, to ensure compliance with the agreement's terms. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in commercial transactions, as it provides a framework for facilitating cash flow while mitigating credit risk. Additionally, the agreement includes sections on warranties, breach of warranty, termination, and governing law to protect both parties' interests.