Factoring Agreement Sample With Recourse In Wayne

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

Description

The Factoring Agreement Sample with Recourse in Wayne is a legal document that outlines the terms between a factor corporation and a seller who assigns their accounts receivable for immediate funding. This agreement allows the factor to purchase the seller's receivables while providing a recourse option, meaning that if any customer fails to pay, the seller may need to reimburse the factor. Key features include the assignment of receivables, sales and delivery terms, credit approval procedures, and the assumption of credit risks by the factor. Users are instructed to fill out company names, addresses, percentage rates, and other specific details relevant to their transaction. The form serves as a critical tool for attorneys, partners, and legal assistants who navigate business financing and collection processes, ensuring proper documentation for securing receivables. The agreement facilitates business operations by providing a clear structure for funding through receivables, thus appealing to business owners and operators seeking quick access to cash while managing customer credit risks.