Definition – Terms. Unless otherwise modified herein, all terms shall be defined as provided in the procedure promulgated by the Bureau of Mediation Services.
Definition – Terms. If it is necessary to define any term within this procedure, the definitions found in the Public Employee Labor Relations Act shall be controlling.
Definition – Terms and Provisions of the 1994 Distribution Agreement, First Amendment, Second Amendment and the Letter Agreement Except as expressly provided for herein, all the definitions, terms and provisions of the 1994 Distribution Agreement, the First Amendment, the Second Amendment and the Letter Agreement shall apply hereto mutatis mutandis.
Definition – Terms. 3.1 Please see appendix 1 for a complete list of definitions of terms.
Definition – Terms. 1.1 Buyer/Import Factoring Business refers to Party A acting as the buyer/import factor, acquiring accounts receivable from Party B, whose debtor is the accounts receivable under the commercial contract, from the seller/export factor, and providing comprehensive factoring services including payment approval, accounts receivable collection, and management for the seller/export factor. In the Buyer/Import Factoring Business, if Party B encounters buyer credit risk, Party A shall assume the responsibility of approving payment to the seller/export factor. If a dispute arises during the performance of the commercial contract, Party A has the right to reverse the assignment of the accounts receivable back to the seller/export factor.
1.2 Seller/Export Factor refers to the party that signs a factoring service agreement with the supplier/service provider (the accounts receivable creditor) under the commercial contract and acquires the accounts receivable held by the accounts receivable creditor. Party A may act simultaneously as both the buyer/import factor and the seller/export factor.
1.3 A dispute refers to the defenses, counterclaims, offsets, or similar actions raised by the accounts receivable creditor against Party A regarding related goods, services, invoices, or any other matters related to the commercial contract with Party B, as well as third-party claims for rights or requests for actions such as freezing or seizing the accounts receivable under this agreement. Any failure of the accounts receivable acquired by Party A, not due to buyer credit risk, to be fully or partially realized is considered a dispute.
1.4 Commercial Contract: refers to the transaction contract signed between Party B and the accounts receivable creditor, aimed at commodity trading and/or service trading, with credit sales as the settlement method.
1.5 Approved Payment/Guaranteed Payment refers to the payment that Party A, as the buyer/import factor, should make to the seller/export factor within a certain period after the accounts receivable become due, following the occurrence of buyer credit risk for Party B.
