Factoring Agreement Document With Recourse In Wayne

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

Description

The Factoring Agreement Document with Recourse in Wayne is designed to facilitate the purchase of accounts receivable by a Factor from a Seller, referred to as the Client. This comprehensive agreement ensures that the Factor assumes certain credit risks associated with the accounts receivable while allowing the Client to obtain funds against future sales. Key features include the assignment of accounts receivable, the procedure for sales and delivery of merchandise, and provisions for credit approval. Clients are required to adhere to established credit limits, and the Factor may charge back any amounts for Client Risk Accounts. Filling and editing instructions emphasize the need for clear entry of details such as dates and fees, and stipulations for the reporting of returns and merchandise claims. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, as it outlines the terms under which credit is managed and mitigates potential disputes over receivables. Overall, it provides a structured approach to securing financing against receivables while managing associated risks.