• US Legal Forms

North Dakota Modelo General de Contrato de Factoring - Cesión de Cuentas por Cobrar - General Form of Factoring Agreement - Assignment of Accounts Receivable

State:
Multi-State
Control #:
US-0270BG
Format:
Word
Instant download

Description

This form is a factoring agreement for the assignment of accounts receivable. Factoring is a financial transaction in which a firm sells its accounts receivable invoices to a third party called a factoring firm at a discount, so that it receives immediate money to continue its business. The factoring firm pays a percentage of the invoices immediately. Firms often factor receivables to improve their cash flow. North Dakota General Form of Factoring Agreement — Assignment of Accounts Receivable is a legally binding contract used in the state of North Dakota for businesses engaged in the practice of factoring, which involves selling their accounts receivable to a third party known as a factor in exchange for immediate cash. This form of agreement outlines the terms and conditions between the business (known as the "Assignor") and the factor (known as the "Assignee"). It governs the assignment of accounts receivable, including the transfer of ownership and rights to the assigned invoices or receivables. Some key details covered in the North Dakota General Form of Factoring Agreement — Assignment of Accounts Receivable include: 1. Parties involved: The agreement identifies the legal names and addresses of both the Assignor (business) and Assignee (factor). 2. Definitions: It includes clear definitions of important terms used throughout the agreement, such as "accounts receivable," "invoice," "purchase price," and "recourse." 3. Assignment of accounts receivable: This section specifies the Assignor's transfer of ownership rights to the Assignee for the identified invoices or accounts receivable. It details the scope and limitations of the assignment. 4. Purchase price and fees: It outlines the agreed-upon purchase price that the Assignee will pay to the Assignor for the assigned accounts receivable. Additionally, it may cover any fees or charges related to the factoring services provided by the Assignee. 5. Recourse and non-recourse: This clause establishes the level of liability the Assignor bears in the event of non-payment by the debtors of the assigned accounts receivable. It differentiates between recourse, where the Assignor is responsible for any losses, and non-recourse, where the Assignee assumes all the risk. 6. Representations and warranties: Both the Assignor and Assignee make certain representations and warranties regarding their authority, ownership, and the validity of the accounts receivable being assigned. 7. Confidentiality and non-compete: This section may include provisions that safeguard the confidentiality of the agreement and impose restrictions on the Assignor from engaging in activities that compete with the Assignee's factoring services during the term of the agreement. 8. Termination and default: The North Dakota General Form of Factoring Agreement — Assignment of Accounts Receivable specifies the events that may lead to termination, such as breach of contract, insolvency, or failure to perform obligations. It also outlines the steps and remedies available to the parties in case of default. There may be variations or customized forms of Factoring Agreements as per specific requirements of the parties involved. For example, some agreements may include provisions regarding invoice verification and approval processes. Others may tailor the recourse or non-recourse clauses to the risk appetite and preferences of the parties. In conclusion, the North Dakota General Form of Factoring Agreement — Assignment of Accounts Receivable is a comprehensive contract that provides a framework for businesses seeking to convert their accounts receivable into immediate cash. Its purpose is to establish a clear understanding between the Assignor and Assignee, outlining their rights, obligations, and remedies throughout the factoring relationship.

North Dakota General Form of Factoring Agreement — Assignment of Accounts Receivable is a legally binding contract used in the state of North Dakota for businesses engaged in the practice of factoring, which involves selling their accounts receivable to a third party known as a factor in exchange for immediate cash. This form of agreement outlines the terms and conditions between the business (known as the "Assignor") and the factor (known as the "Assignee"). It governs the assignment of accounts receivable, including the transfer of ownership and rights to the assigned invoices or receivables. Some key details covered in the North Dakota General Form of Factoring Agreement — Assignment of Accounts Receivable include: 1. Parties involved: The agreement identifies the legal names and addresses of both the Assignor (business) and Assignee (factor). 2. Definitions: It includes clear definitions of important terms used throughout the agreement, such as "accounts receivable," "invoice," "purchase price," and "recourse." 3. Assignment of accounts receivable: This section specifies the Assignor's transfer of ownership rights to the Assignee for the identified invoices or accounts receivable. It details the scope and limitations of the assignment. 4. Purchase price and fees: It outlines the agreed-upon purchase price that the Assignee will pay to the Assignor for the assigned accounts receivable. Additionally, it may cover any fees or charges related to the factoring services provided by the Assignee. 5. Recourse and non-recourse: This clause establishes the level of liability the Assignor bears in the event of non-payment by the debtors of the assigned accounts receivable. It differentiates between recourse, where the Assignor is responsible for any losses, and non-recourse, where the Assignee assumes all the risk. 6. Representations and warranties: Both the Assignor and Assignee make certain representations and warranties regarding their authority, ownership, and the validity of the accounts receivable being assigned. 7. Confidentiality and non-compete: This section may include provisions that safeguard the confidentiality of the agreement and impose restrictions on the Assignor from engaging in activities that compete with the Assignee's factoring services during the term of the agreement. 8. Termination and default: The North Dakota General Form of Factoring Agreement — Assignment of Accounts Receivable specifies the events that may lead to termination, such as breach of contract, insolvency, or failure to perform obligations. It also outlines the steps and remedies available to the parties in case of default. There may be variations or customized forms of Factoring Agreements as per specific requirements of the parties involved. For example, some agreements may include provisions regarding invoice verification and approval processes. Others may tailor the recourse or non-recourse clauses to the risk appetite and preferences of the parties. In conclusion, the North Dakota General Form of Factoring Agreement — Assignment of Accounts Receivable is a comprehensive contract that provides a framework for businesses seeking to convert their accounts receivable into immediate cash. Its purpose is to establish a clear understanding between the Assignor and Assignee, outlining their rights, obligations, and remedies throughout the factoring relationship.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
Free preview
  • Form preview
  • Form preview
  • Form preview
  • Form preview
  • Form preview
  • Form preview
  • Form preview

How to fill out North Dakota Modelo General De Contrato De Factoring - Cesión De Cuentas Por Cobrar?

Are you presently in a place in which you need to have paperwork for either business or person functions just about every day? There are tons of authorized papers layouts available on the net, but locating ones you can depend on is not easy. US Legal Forms offers thousands of type layouts, like the North Dakota General Form of Factoring Agreement - Assignment of Accounts Receivable, which can be created in order to meet state and federal requirements.

In case you are currently informed about US Legal Forms site and also have a merchant account, simply log in. Next, you can down load the North Dakota General Form of Factoring Agreement - Assignment of Accounts Receivable format.

Should you not have an profile and want to begin using US Legal Forms, abide by these steps:

  1. Find the type you will need and ensure it is to the proper town/state.
  2. Utilize the Preview switch to check the form.
  3. Browse the information to actually have selected the right type.
  4. In case the type is not what you are trying to find, make use of the Look for field to find the type that meets your needs and requirements.
  5. Once you find the proper type, simply click Purchase now.
  6. Opt for the costs prepare you want, complete the specified information and facts to make your money, and pay for your order utilizing your PayPal or credit card.
  7. Pick a handy document file format and down load your backup.

Get each of the papers layouts you might have bought in the My Forms menus. You can get a additional backup of North Dakota General Form of Factoring Agreement - Assignment of Accounts Receivable anytime, if required. Just click the essential type to down load or print out the papers format.

Use US Legal Forms, one of the most considerable variety of authorized varieties, to save lots of time and steer clear of mistakes. The service offers expertly made authorized papers layouts that can be used for an array of functions. Create a merchant account on US Legal Forms and initiate creating your life a little easier.

Trusted and secure by over 3 million people of the world’s leading companies

North Dakota Modelo General de Contrato de Factoring - Cesión de Cuentas por Cobrar