Common use of Factoring Clause in Contracts

Factoring. Where We are unable to obtain sufficient funds from You to satisfy any payment due, We may assign the outstanding debt to a third party factoring company in accordance with clause 16.4. In this case Your payment obligations in respect of the assigned debt will be owed to the third party factoring company such that they can collect the debt from You in their own name, but all other rights and obligations under theses Terms of Use shall remain unaffected. Where an outstanding debt has been assigned, interest on late payments will be accrued in accordance with the Late Payment of Commercial Debts (Interest) Act 1998 as amended and supplemented by the Late Payment of Commercial Debts Regulations 2002 and We will be entitled to suspend further services.

Factoring. Where We are unable to obtain sufficient funds from You to satisfy any payment due, We may assign the outstanding debt to a third party factoring company in accordance with clause section 16.4. In this case Your payment obligations in respect of the assigned debt will be owed to the third party factoring company such that they can collect the debt from You in their own name, but all other rights and obligations under theses these Terms of Use shall remain unaffected. Where an outstanding debt has been assigned, interest on late payments will be accrued in accordance with the Late Payment of Commercial Debts (Interest) Act 1998 as amended and supplemented by the Late Payment of Commercial Debts Regulations 2002 and We will be entitled to suspend further services.