A factor is a person who sells goods for a commission. A factor takes possession of goods of another and usually sells them in his/her own name. A factor differs from a broker in that a broker normally doesn't take possession of the goods. A factor may be a financier who lends money in return for an assignment of accounts receivable (A/R) or other security.
Many times factoring is used when a manufacturing company has a large A/R on the books that would represent the entire profits for the company for the year. That particular A/R might not get paid prior to year end from a client that has no money. That means the manufacturing company will have no profit for the year unless they can figure out a way to collect the A/R.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
An agreement receivable statement format refers to a structured document that outlines the details of an agreement between two or more parties. It typically includes essential information such as the parties involved, the terms and conditions of the agreement, and the receivables due under the said agreement. Agreement receivable statement formats can vary depending on the nature of the agreement and the industry it pertains to. Here are some key elements commonly found in an agreement receivable statement format: 1. Parties Involved: The format starts by clearly mentioning the names and contact details of all parties participating in the agreement. This includes both the service provider and the client or customer. 2. Agreement Details: The agreement receivable statement provides a concise yet comprehensive description of the agreement. It outlines the purpose of the agreement, the scope of work, and any specific deliverables or milestones agreed upon. 3. Payment Terms: This section highlights the financial aspects of the agreement, including payment terms and conditions. It specifies the agreed-upon payment schedule, due dates, and modes of payment accepted. 4. Receivables Breakdown: The format outlines the receivables associated with the agreement. It breaks down the total amount owed into individual line items, each representing a specific service, product, or deliverable provided. 5. Due Dates: The agreement receivable statement format clearly states the dates by which each receivable item needs to be paid. This helps both parties keep track of their payment obligations and deadlines. 6. Late Payment Penalties: In some cases, the agreement may include provisions for late payment penalties. The format should outline the penalties or interest charges applicable if the payment is not made by the agreed-upon due date. 7. Signatures and Date: The agreement receivable statement is typically concluded with spaces for all participating parties to sign and date the document, indicating their acceptance of the mentioned terms and conditions. Different types of agreement receivable statement formats include: 1. Service Agreement Receivable Statement Format: This type of format is used when the agreement revolves around the provision of services, such as consulting or maintenance services. 2. Sales Agreement Receivable Statement Format: This format is relevant when an agreement involves the sale of products or goods, explicitly outlining the payment terms and quantities. 3. Lease Agreement Receivable Statement Format: In the case of leases or rental agreements, this format is used to detail the rental payments required for the specified period. 4. Licensing Agreement Receivable Statement Format: When an agreement includes the granting of licenses or intellectual property rights, this format highlights the royalties or licensing fees due. In conclusion, an agreement receivable statement format is a structured document used to outline the terms, conditions, and receivables associated with a particular agreement. By utilizing relevant keywords, this description aims to provide a comprehensive understanding of this document, its components, and the various types applicable based on the nature of the agreement.An agreement receivable statement format refers to a structured document that outlines the details of an agreement between two or more parties. It typically includes essential information such as the parties involved, the terms and conditions of the agreement, and the receivables due under the said agreement. Agreement receivable statement formats can vary depending on the nature of the agreement and the industry it pertains to. Here are some key elements commonly found in an agreement receivable statement format: 1. Parties Involved: The format starts by clearly mentioning the names and contact details of all parties participating in the agreement. This includes both the service provider and the client or customer. 2. Agreement Details: The agreement receivable statement provides a concise yet comprehensive description of the agreement. It outlines the purpose of the agreement, the scope of work, and any specific deliverables or milestones agreed upon. 3. Payment Terms: This section highlights the financial aspects of the agreement, including payment terms and conditions. It specifies the agreed-upon payment schedule, due dates, and modes of payment accepted. 4. Receivables Breakdown: The format outlines the receivables associated with the agreement. It breaks down the total amount owed into individual line items, each representing a specific service, product, or deliverable provided. 5. Due Dates: The agreement receivable statement format clearly states the dates by which each receivable item needs to be paid. This helps both parties keep track of their payment obligations and deadlines. 6. Late Payment Penalties: In some cases, the agreement may include provisions for late payment penalties. The format should outline the penalties or interest charges applicable if the payment is not made by the agreed-upon due date. 7. Signatures and Date: The agreement receivable statement is typically concluded with spaces for all participating parties to sign and date the document, indicating their acceptance of the mentioned terms and conditions. Different types of agreement receivable statement formats include: 1. Service Agreement Receivable Statement Format: This type of format is used when the agreement revolves around the provision of services, such as consulting or maintenance services. 2. Sales Agreement Receivable Statement Format: This format is relevant when an agreement involves the sale of products or goods, explicitly outlining the payment terms and quantities. 3. Lease Agreement Receivable Statement Format: In the case of leases or rental agreements, this format is used to detail the rental payments required for the specified period. 4. Licensing Agreement Receivable Statement Format: When an agreement includes the granting of licenses or intellectual property rights, this format highlights the royalties or licensing fees due. In conclusion, an agreement receivable statement format is a structured document used to outline the terms, conditions, and receivables associated with a particular agreement. By utilizing relevant keywords, this description aims to provide a comprehensive understanding of this document, its components, and the various types applicable based on the nature of the agreement.
