Contract law. Financing agreement for the assignment of a monetary claim (the most important)

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Contract law. Financing agreement for the assignment of a monetary claim (the most important)

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54. FINANCING CONTRACT UNDER ASSIGNMENT OF A CLAIM

On financing agreement against the assignment of a monetary claim one party (financial agent) transfers or undertakes to transfer funds to the other party (client) on account of the client's (creditor's) monetary claim against a third party (debtor), and the client assigns or undertakes to assign this monetary claim to the financial agent. The monetary claim against the debtor may be assigned by the client to the financial agent also in order to ensure the fulfillment of the client's obligation to the financial agent.

The contract is:

1) real - in the case when the agent transfers funds or the client cedes the claim;

2) consensual - in the case when the agent undertakes to transfer funds or the client undertakes to cede the claim;

3) paid;

4) mutual.

Parties to the agreement:

1) financial agent (factor) - a special subject of the contract, a commercial organization professionally providing factoring services:

a) banks and other credit organizations;

b) commercial organizations that have received a special license to carry out such activities;

2) client - any person, but the vast majority are commercial organizations.

The subject of the contract financing against the assignment of a monetary claim can be:

1) transfer of a monetary claim to a financial agent in exchange for providing funds to the client;

2) assignment by the client to the factor of his monetary claim as a way to ensure the fulfillment of the obligation that the client has to the factor (usually under a loan agreement between the factor and the client).

Contract price - the value of the client's assigned claim against the debtor.

Contract form:

a) simple writing;

b) a written assignment of the claim with a notarization;

c) written with state registration.

Contract term determined by agreement of the parties.

Rights and obligations of the factor:

1) is entitled to receive a valid monetary claim;

2) is obliged to finance the client by transferring funds;

3) is obliged, in specially stipulated cases, to accept from the client the necessary documentation for the accounting of the client's transactions;

4) is obliged to provide the client with other financial services related to monetary claims that are the subject of assignment.

Rights and obligations of the client:

1) has the right to demand funds on account of submitting a monetary claim against the debtor;

2) is obliged to transfer a valid monetary claim to the factor;

3) is obliged to notify the client about the assignment of the monetary claim in favor of the factor.

Author: Rezepova V.E.

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