The Master Factoring Agreement serves as the foundational document for factoring relationships in the United States, providing businesses with an alternative financing method through the sale of their accounts receivable. This agreement, governed by federal and state laws including the UCC, enables companies to improve cash flow without traditional borrowing. It comprehensively addresses purchase terms, pricing, representations, warranties, and operational procedures for the ongoing sale of receivables. The Master Factoring Agreement is particularly valuable for businesses seeking working capital solutions, especially those in industries with extended payment terms or seasonal revenue patterns.
Master Factoring Agreement for the United States
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Key Requirements PROMPT example:
Master Factoring Agreement
"Need a Master Factoring Agreement for my manufacturing company to factor up to $5M in receivables annually, with recourse provisions and specific requirements for international customers in the EU."
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1. Parties: Identification of the Factor and Client/Seller
2. Background: Context of the agreement and business relationship
3. Definitions: Key terms including Accounts, Eligible Accounts, Purchase Price, etc.
4. Purchase and Sale of Accounts: Core terms of factoring arrangement including assignment and transfer of accounts
5. Pricing and Fees: Factor's compensation structure, including discount rate, fees and payment terms
6. Representations and Warranties: Client's assertions about accounts, business condition, and authority to enter agreement
7. Covenants: Ongoing obligations of the parties including reporting requirements and operational procedures
8. Events of Default: Circumstances constituting breach of the agreement
9. Remedies: Rights and actions available upon default
1. Recourse Provisions: Terms specifying factor's right to require repurchase of accounts and circumstances triggering recourse
2. Credit Insurance: Requirements for maintaining credit insurance coverage and related obligations
3. International Provisions: Specific terms governing cross-border receivables and international transactions
1. Schedule of Fees: Detailed breakdown of all fees, charges, and calculation methodologies
2. Eligible Account Criteria: Specific requirements and characteristics for acceptable receivables
3. Form of Notice of Assignment: Template for notifying account debtors of the assignment of receivables
4. Form of Schedule of Accounts: Template for presenting accounts for purchase to the factor
5. Authorized Representatives: List of persons authorized to act on behalf of the client
6. UCC Filing Information: Details required for UCC financing statements and perfection of security interests
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