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 payment arising under this Contract 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, terms of the assignment and shall be considered delivered upon receipt of such written notice by ▇▇▇▇▇▇. 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. ▇▇▇▇▇▇▇ shall indemnify Broker against and hold Broker harmless from any and all lawsuits , claims, actions or damages (including reasonable attorney’s fees, obligation, liabilities and liens) arising or imposed in connection with the assignment or transfer of any account or right arising hereunder. ▇▇▇▇▇▇▇ also releases and waives any right, claim or action against Broker for the amount due and owing under this Contract where ▇▇▇▇▇▇▇ has not complied with the notice requirements of this section.

Factoring. Carrier shall provide Broker written notice of any assignment, factoring factoring, or other transfer of its right to receive payment arising under this Contract Agreement thirty (30) days prior to such assignment, factoring, or other transfer taking legal effect. Such written notice shall include the name and address of the assignee/transferee, date; , date assignment is to begin, and terms of the assignment 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 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 lawsuits, claims, actions or actions, damages (including reasonable attorney’s fees, obligation, liabilities and liens) arising or imposed in connection with the assignment or transfer of any account or right arising hereunderthereunder. ▇▇▇▇▇▇▇ Carrier also releases and waives any right, claim or action against Broker for the amount amounts due and owing under this Contract Agreement where ▇▇▇▇▇▇▇ Carrier has not complied with the notice requirements of this section.