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

• Category: Contratos - Factoring
• State: Multi-State
• Control #: US-0270BG
• Format: Word

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. The New York General Form of Factoring Agreement — Assignment of Accounts Receivable is a legally binding contract utilized in the financial industry. It outlines the terms and conditions under which a company (the "Assignor") assigns its accounts receivable to another company (the "Factor") in exchange for immediate cash. This agreement is designed for businesses operating in New York State and serves as a safeguard for both parties involved in the factoring transaction. It provides a clear framework for the assignment and collection of accounts receivable, ensuring transparency and protecting the rights of all parties. The New York General Form of Factoring Agreement — Assignment of Accounts Receivable may encompass a variety of subtypes based on specific requirements or preferences. Some commonly encountered types include: 1. Recourse Factoring: In this type of agreement, the Assignor retains the responsibility to repurchase any uncollectible accounts from the Factor. The Assignor bears the credit risk associated with the receivables. 2. Non-Recourse Factoring: Unlike recourse factoring, in this variant, the Factor assumes the credit risk of the assigned receivables. If the debtor fails to pay due to insolvency or bankruptcy, the Assignor is not obligated to repurchase the uncollectible accounts. 3. Maturity Factoring: This type involves the assignment of long-term receivables with extended payment terms. It allows the Assignor to improve cash flow by acquiring immediate funds against future payment obligations. 4. Invoice Factoring: Often referred to as spot factoring, this subtype involves the factor's purchase of individual invoices or a selected group of accounts receivable. It provides immediate liquidity for the Assignor, allowing them to meet immediate financial obligations. 5. Bulk Factoring: In bulk factoring, the Assignor assigns a substantial portion of its accounts receivable, typically an entire portfolio, to the Factor. This type is commonly adopted by larger corporations seeking to monetize a significant portion of their outstanding receivables. The New York General Form of Factoring Agreement — Assignment of Accounts Receivable is a vital tool for businesses looking to optimize cash flow, manage credit risk, and accelerate revenue cycles. By clearly defining the rights and responsibilities of both parties, this agreement ensures a smooth and mutually beneficial transaction.

The New York General Form of Factoring Agreement — Assignment of Accounts Receivable is a legally binding contract utilized in the financial industry. It outlines the terms and conditions under which a company (the "Assignor") assigns its accounts receivable to another company (the "Factor") in exchange for immediate cash. This agreement is designed for businesses operating in New York State and serves as a safeguard for both parties involved in the factoring transaction. It provides a clear framework for the assignment and collection of accounts receivable, ensuring transparency and protecting the rights of all parties. The New York General Form of Factoring Agreement — Assignment of Accounts Receivable may encompass a variety of subtypes based on specific requirements or preferences. Some commonly encountered types include: 1. Recourse Factoring: In this type of agreement, the Assignor retains the responsibility to repurchase any uncollectible accounts from the Factor. The Assignor bears the credit risk associated with the receivables. 2. Non-Recourse Factoring: Unlike recourse factoring, in this variant, the Factor assumes the credit risk of the assigned receivables. If the debtor fails to pay due to insolvency or bankruptcy, the Assignor is not obligated to repurchase the uncollectible accounts. 3. Maturity Factoring: This type involves the assignment of long-term receivables with extended payment terms. It allows the Assignor to improve cash flow by acquiring immediate funds against future payment obligations. 4. Invoice Factoring: Often referred to as spot factoring, this subtype involves the factor's purchase of individual invoices or a selected group of accounts receivable. It provides immediate liquidity for the Assignor, allowing them to meet immediate financial obligations. 5. Bulk Factoring: In bulk factoring, the Assignor assigns a substantial portion of its accounts receivable, typically an entire portfolio, to the Factor. This type is commonly adopted by larger corporations seeking to monetize a significant portion of their outstanding receivables. The New York General Form of Factoring Agreement — Assignment of Accounts Receivable is a vital tool for businesses looking to optimize cash flow, manage credit risk, and accelerate revenue cycles. By clearly defining the rights and responsibilities of both parties, this agreement ensures a smooth and mutually beneficial transaction.

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.