The Oregon General Form of Factoring Agreement — Assignment of Accounts Receivable is a legally binding document used in the state of Oregon to establish a factoring agreement between a business (referred to as the "Seller") and a factoring company (referred to as the "Factor"). This agreement allows the Seller to sell its accounts receivable to the Factor in exchange for immediate cash. Keywords: Oregon, General Form, Factoring Agreement, Assignment of Accounts Receivable, factoring company, Seller, Factor, accounts receivable, immediate cash. In Oregon, there are several types of General Form of Factoring Agreement — Assignment of Accounts Receivable, depending on the specific terms and conditions agreed upon by the Seller and the Factor. These variations may include: 1. Recourse Factoring Agreement: This type of agreement allows the Factor to have recourse against the Seller in case the accounts receivable are not paid by the customers. In such situations, the Seller is liable to buy back the unpaid invoices from the Factor. 2. Non-Recourse Factoring Agreement: Unlike the recourse agreement, in a non-recourse factoring agreement, the Factor assumes the risk of non-payment by the customers. If the accounts receivable remain unpaid, the Factor cannot seek recourse from the Seller. 3. Notification Factoring Agreement: A notification factoring agreement requires the Seller to notify its customers about the assignment of their accounts receivable to the Factor. This type of agreement ensures transparency and allows the Factor to directly collect the payments from the customers. 4. Non-Notification Factoring Agreement: In a non-notification agreement, the Seller is not obligated to inform its customers about the assignment of their accounts receivable. The Factor collects the payments directly without the involvement of the Seller, maintaining a confidential relationship. 5. Full-Service Factoring Agreement: This type of factoring agreement includes additional services provided by the Factor, such as credit checks on customers, accounts receivable management, and collection services. It offers a comprehensive solution for the Seller's financial needs. 6. Limited-Service Factoring Agreement: In a limited-service factoring agreement, the Factor only purchases the accounts receivable and provides funding. The Seller retains control over credit management and collection activities. Regardless of the specific type of General Form of Factoring Agreement — Assignment of Accounts Receivable chosen, it is crucial for both the Seller and the Factor to clearly define all terms, including the purchase price of the accounts receivable, fee structure, duration of the agreement, and any provisions for termination or renewal. Seeking legal advice is recommended to ensure compliance with Oregon state laws and to protect the interests of both parties involved in the factoring transaction.
The Oregon General Form of Factoring Agreement — Assignment of Accounts Receivable is a legally binding document used in the state of Oregon to establish a factoring agreement between a business (referred to as the "Seller") and a factoring company (referred to as the "Factor"). This agreement allows the Seller to sell its accounts receivable to the Factor in exchange for immediate cash. Keywords: Oregon, General Form, Factoring Agreement, Assignment of Accounts Receivable, factoring company, Seller, Factor, accounts receivable, immediate cash. In Oregon, there are several types of General Form of Factoring Agreement — Assignment of Accounts Receivable, depending on the specific terms and conditions agreed upon by the Seller and the Factor. These variations may include: 1. Recourse Factoring Agreement: This type of agreement allows the Factor to have recourse against the Seller in case the accounts receivable are not paid by the customers. In such situations, the Seller is liable to buy back the unpaid invoices from the Factor. 2. Non-Recourse Factoring Agreement: Unlike the recourse agreement, in a non-recourse factoring agreement, the Factor assumes the risk of non-payment by the customers. If the accounts receivable remain unpaid, the Factor cannot seek recourse from the Seller. 3. Notification Factoring Agreement: A notification factoring agreement requires the Seller to notify its customers about the assignment of their accounts receivable to the Factor. This type of agreement ensures transparency and allows the Factor to directly collect the payments from the customers. 4. Non-Notification Factoring Agreement: In a non-notification agreement, the Seller is not obligated to inform its customers about the assignment of their accounts receivable. The Factor collects the payments directly without the involvement of the Seller, maintaining a confidential relationship. 5. Full-Service Factoring Agreement: This type of factoring agreement includes additional services provided by the Factor, such as credit checks on customers, accounts receivable management, and collection services. It offers a comprehensive solution for the Seller's financial needs. 6. Limited-Service Factoring Agreement: In a limited-service factoring agreement, the Factor only purchases the accounts receivable and provides funding. The Seller retains control over credit management and collection activities. Regardless of the specific type of General Form of Factoring Agreement — Assignment of Accounts Receivable chosen, it is crucial for both the Seller and the Factor to clearly define all terms, including the purchase price of the accounts receivable, fee structure, duration of the agreement, and any provisions for termination or renewal. Seeking legal advice is recommended to ensure compliance with Oregon state laws and to protect the interests of both parties involved in the factoring transaction.
