This Factoring Receivables Agreement is designed for use in the Netherlands when a business seeks to optimize its working capital by selling its accounts receivable to a financial institution. The document establishes a continuing relationship where the Factor purchases eligible receivables on an ongoing basis, providing the Client with immediate access to working capital while potentially also offering collection services and debtor credit monitoring. The agreement complies with Dutch civil law requirements, particularly Books 3, 6, and 7 of the Dutch Civil Code, and incorporates necessary provisions for financial supervision under the Wet op het financieel toezicht. It is particularly suitable for businesses with regular B2B transactions seeking a structured financing solution, and includes comprehensive provisions for operational procedures, risk allocation, and regulatory compliance.
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1. Parties: Identification of the Factor and the Client (Seller of receivables)
2. Background: Context of the agreement and general commercial purpose
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Purchase and Assignment of Receivables: Core mechanics of receivables purchase and assignment
5. Purchase Price and Payment Terms: Calculation of purchase price, advance rate, reserves, and payment mechanics
6. Eligibility Criteria: Criteria for receivables to qualify for purchase
7. Representations and Warranties: Client's representations regarding business and receivables
8. Operational Procedures: Daily operations, submission of receivables, reporting requirements
9. Fees and Charges: All applicable fees, charges, and interest
10. Client Covenants: Ongoing obligations of the Client
11. Factor's Rights and Obligations: Rights and duties of the Factor
12. Collections and Payment Application: Management of collections and application of payments
13. Events of Default: Circumstances constituting default and consequences
14. Termination: Termination events and process
15. Indemnification: Mutual indemnification obligations
16. Confidentiality: Protection of confidential information
17. Notices: Communication procedures between parties
18. Governing Law and Jurisdiction: Application of Dutch law and jurisdiction
19. General Provisions: Miscellaneous legal provisions including assignment, amendments, and severability
1. Credit Insurance: Required when receivables are covered by credit insurance
2. Cross-Border Provisions: Needed for international receivables and multiple jurisdictions
3. Electronic Trading Platform: Required when using electronic systems for receivables submission
4. GDPR Compliance: Detailed section needed when processing personal data
5. Recourse Provisions: Required for recourse factoring arrangements
6. Security Arrangements: Required when additional security is taken
7. Speciality Industry Provisions: Specific provisions for particular industries (e.g., construction)
8. Subordination: Required when there are other creditors requiring subordination arrangements
1. Schedule 1 - Pricing Schedule: Detailed fee structure, advance rates, and pricing mechanisms
2. Schedule 2 - Operational Procedures: Detailed processes for daily operations and reporting
3. Schedule 3 - Eligible Debtor List: List of approved debtors and their credit limits
4. Schedule 4 - Required Forms: Standard forms for notices, assignments, and reports
5. Schedule 5 - Electronic Platform Procedures: Procedures for electronic submission and reporting
6. Schedule 6 - Know Your Customer Requirements: Required documentation for compliance
7. Appendix A - Notice of Assignment: Standard form notice to debtors
8. Appendix B - Power of Attorney: Standard form power of attorney for collections
9. Appendix C - Debtor Credit Limits: Current credit limits for approved debtors
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Wholesale Trade
Retail
Construction
Transportation and Logistics
Professional Services
Technology
Healthcare
Industrial Services
Automotive
Textile and Apparel
Food and Beverage
Relevant Teams
Finance
Legal
Treasury
Credit Control
Accounts Receivable
Operations
Risk Management
Compliance
Commercial
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Controller
Accounts Receivable Manager
Financial Controller
Commercial Director
Legal Counsel
Risk Manager
Operations Manager
Credit Manager
Compliance Officer
Business Development Manager
Working Capital Manager
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