Common use of Factoring Clause in Contracts

Factoring. CARRIER shall provide BROKER written notice of any assignment, factoring, or other transfer of its right to receive payments arising under this Contact thirty (30) days prior to such assignment, factoring, or other transfer taking legal effect. Such written notice shall include the name and address of assignee/transferee, date, date assignment is to begin, and terms of the assignment, and shall be considered delivered upon receipt of such written notice by BROKER. CARRIER shall be allowed to have only one assignment, factoring or transfer legally effective at any one point in time, and no multiple assignments, factoring or transfers by the CARRIER shall be permitted. CARRIER shall indemnify BROKER against and hold BROKER harmless from any and all lawsuits, claims, actions, damages, (including reasonable attorneys fees, obligations, liabilities and liens) arising or imposed in connection with the assignment or transfer of any account or right arising thereunder where the CARRIER has not complied with the notification assignment requirements of this section. CARRIER also releases and waives any right, claim or action against BROKER for amounts due and owing under this Agreement where CARRIER has not complied with the notice requirements of the section.

Factoring. CARRIER a. Carrier shall provide BROKER Broker written notice of any assignment, factoring, or other transfer of its right to receive payments payment arising under this Contact thirty (30) Agreement 30 days prior to the effective date of any such assignment, factoring, or other transfer taking legal effectproposed action. Such written notice shall include the name and address of assigneethe proposed assigned/transferee, date, the date Initial Broker MA Carrier _ PG 9 of 13 the assignment is to begin, and the terms of the assignment, and shall be considered delivered upon receipt of such written notice by BROKER. CARRIER Broker. b. Carrier shall be allowed to have permitted only one assignment, factoring factoring, or transfer legally effective in effect at any one point in time. No multiple assignment, and no multiple assignmentsfactoring, factoring or transfers by the CARRIER Carrier shall be permitted. CARRIER . c. Carrier shall indemnify BROKER against Broker and hold BROKER Broker harmless from any and all lawsuits, claims, actions, damages, damages (including reasonable attorneys attorneys’ fees, obligations, liabilities liabilities, and liens) arising or imposed in connection with the assignment or transfer of any account or right arising thereunder where the CARRIER Carrier has not complied with the notification assignment requirements of this section. CARRIER Carrier also releases and waives any right, claim or action against BROKER Broker for amounts due and owing under this Agreement where CARRIER Carrier has not complied with the notice requirements of the this section.