Factoring agreement pdf

By industry. By integration. SDKs Node. Login Free trial. Establishing secure connection… Loading editor… Preparing document…. Get form. Referred to herein as Client. Street Address, City, County, State, Zip Code Whereas, Client is engaged in the general business of , Type of Business and normally sells and delivers merchandise to customers on a credit basis; and Whereas, Client desires to obtain funds and commercial credit for operation of its business against its accounts receivable; and Whereas, Factor is willing to purchase Client's accounts receivable according to the terms set forth in this Agreement; Now, How it works Open form follow the instructions.

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Discuss with the factor any accounts that you do not plan to sell to the factor, such as credit card or COD accounts or accounts arising from your sales to specific customers. Credit Approvals and Withdrawals and Disputes. An account receivable arising from the sale to a customer pursuant to an approved order or under a credit line is an approved or factor risk account.

Accounts that are not approved or factor risk accounts are referred to as nonapproved or client risk accounts. The factor can change or withdraw a credit approval at any time before the goods are delivered to the customer, and, in such cases, the account receivable arising from the sale of the goods becomes a nonapproved account.

In addition, if a customer alleges a dispute with respect to a factored account, the factor no longer has the credit risk on the account and the account becomes a nonapproved account.

Be sure to discuss with the factor how much time your company has to work out disputes with customers before the account becomes a nonapproved account. Invoicing and Assignment Schedules. Your company will be required to put a notice on its invoices to its customers that the invoices have been sold to and are payable only to the factor at a specified lockbox, and you will be required to turn over to the factor any payments your company receives on factored accounts.

You will also be required to send the factor schedules of all assigned accounts and the related invoices and proofs of shipment or delivery. The factor will charge your company a percentage of the gross amount of the factored invoice as a commission, subject to a minimum, specified dollar-per-invoice amount. The factor will also charge an additional commission or surcharge on certain customer accounts based on the financial information the factor maintains on the customer.

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Available formats: Word Rich Text. Description Factoring Agreement Pdf This form is a factoring agreement for the assignment of accounts receivable. The other factors of 12 are 1, 2, 4, and TopTenReviews wrote "there is such an extensive range of documents covering so many topics that it is unlikely you would need to look anywhere else".

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