Legal Encyclopedia. Letter D

FINANCING AGREEMENT receivable financing.

By

DF under the WD TV one party (financial agent) transfers or undertakes to transfer to the other party (the client) money in a money requirements of the client (the creditor) to a third person (the debtor) arising from the Client of goods, performance it works or services to a third party and the client gives or agrees to cede financial agent is a monetary claim.

Monetary claim against the debtor may be assigned by the client to the financial agent in order to enforce the obligations of the client to the financial agent.

Contract mutual, onerous. It can be both real (the agent sends the money and the client assigns a requirement) and consensual (the agent is obliged to transfer funds or customer agrees to cede requirement).

Parties to the agreement - the financial agent and

client. Financial Agent - a special subject of the contract by a commercial entity, professionally providing factoring services. They may be banks and other credit organizations, as well as other commercial organizations that have permission (license) for activities of this type.

Client can be any person, but in most cases in this role serve commercial organizations.

Subject of the contract - monetary claim Assigned to obtain financing. The subject of the concession, under which funding is available, may be a monetary claim, the maturity of which has already arrived (the current requirement), and the right to receive cash flows that will arise in the future (future claim).

Duration is determined by agreement of the parties.

Price is the price inferior to the client's requirements to the debtor.

The content of the contract amount to the rights and obligations of the financial agent and the client. It is the responsibility of the financial agent is to implement the funding by the customer

transfer the contract price in the manner prescribed in the contract; in some cases, the client -adoption necessary documentation for the accounting operations of the client; providing other financial services to the client, are the subject of the contract of assignment.

The main customer is the responsibility of the assignment of a monetary claim. The client shall be liable to the financial agent for the validity of a monetary claim, which is the subject of the assignment.

The debtor is obliged to pay the financial agent under the following conditions:

1) if it is received from the client or the financial agent a written notification of the assignment of monetary claims;

2) in the notice is clearly defined enforceable monetary claim and indicated the financial agent, in favor of which the transfer rights.

Execution debtor monetary obligation in favor of the financial agent frees him from the respective obligations to the client. In case of violation by the client of its obligations under the contract concluded with due ICOM last

may not require the return of amounts of financial agent already paid to him by passed to the financial agent of the request, if the debtor is entitled to receive such amounts directly from the client.