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 Contract at least thirty (30) days prior to such assignment, factoring, or other transfer taking legal effect as to BROKER’s payment obligation hereunder (BROKER shall not be obligated to honor any factoring, assignment or any other transfer of CARRIER’s right to receive any payments hereunder unless such notice is timely received). Such written notice shall include the name and address of factoring company, 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. BROKER shall have the right to ask for and CARRIER shall be obligated to furnish any further documentation BROKER requires in order to satisfy itself as to the authenticity of, and payment requirements of the factoring arrangement(s). BROKER’s payment obligations hereunder shall not be subject to more than one factoring/assignment agreement at any one time. No multiple assignments, factoring or other such transfers by the CARRIER shall be binding on BROKER. CARRIER shall indemnify BROKER against and hold BROKER harmless from any and all lawsuits, claims, actions, damages (including reasonable attorneys fees, obligation, liabilities, and liens) arising or imposed on BROKER in connection with the factoring/assignment or transfer of any account or right arising thereunder. If CARRIER wants to terminate factoring, a release from the CARRIER and the factoring company in a form satisfactory to BROKER’s counsel must be received by BROKER specifying the terms and date of release. CARRIER also releases and waives any right, claim or action against BROKER for any amount due and owing under this Agreement where CARRIER has not complied with the notice requirements of this section.

Factoring. CARRIER Carrier shall provide BROKER TX Logistics with written notice of any assignment, factoring, factoring or other transfer of its right to receive payments arising under this Contract Agreement or any Tender Document at least thirty (30) days prior to such assignment, factoring, factoring or other transfer taking legal effect as to BROKER’s payment obligation hereunder (BROKER shall not be obligated to honor any factoring, assignment or any other transfer of CARRIER’s right to receive any payments hereunder unless such notice is timely received)effect. Such written notice shall include the name and address of factoring company, the assignee/factor/transferee, datethe date that the assignment, date assignment factoring arrangement or other transfer is to begintake legal effect, and the terms of the assignment, factoring arrangement or other transfer, and shall be considered delivered upon actual receipt of such written notice by BROKERTX Logistics from the Carrier (and not before). BROKER shall have the right to ask for and CARRIER Xxxxxxx shall be obligated allowed to furnish any further documentation BROKER requires in order to satisfy itself as to the authenticity ofhave only one such assignment, and payment requirements of the factoring arrangement(s). BROKER’s payment obligations hereunder shall not be subject to more than one factoring/assignment agreement arrangement or transfer legally effective at any one time. No point in time relative to payments hereunder, and no multiple assignments, factoring or other . TX Logistics shall be entitled to rely upon such transfers written notice until it is withdrawn in writing by Xxxxxxx and confirmed in writing as withdrawn by the CARRIER assignee, factor or transferee, and TX Logistics shall be binding on BROKERhave no obligation to verify with the Carrier or otherwise that it remains in effect at the time of any payment under this Agreement of any Tender Document. CARRIER Xxxxxxx shall indemnify BROKER TX Logistics against and hold BROKER TX Logistics harmless from any and all lawsuits, claims, actions, damages (including reasonable attorneys feesattorneys’ fees and costs, obligationobligations, liabilities, liabilities and liens) arising or imposed on BROKER in connection with the factoring/assignment assignment, factoring or transfer of any account or right to payment arising thereunderhereunder. If CARRIER wants to terminate factoring, a release from the CARRIER and the factoring company in a form satisfactory to BROKER’s counsel must be received by BROKER specifying the terms and date of release. CARRIER Carrier also releases and waives any right, claim or action against BROKER TX Logistics for any amount due and owing under this Agreement where CARRIER the Carrier has not complied with the notice requirements of this section. Nothing herein limits the right of TX Logistics to withhold payment for services not completed or not properly performed by Carrier, or to apply deductions or set-offs against amounts due to the Carrier to which TX Logistics is entitled hereunder or at law, including for any amounts owed by the Carrier to TX Logistics.

Factoring. CARRIER Carrier shall provide BROKER TX Logistics with written notice of any assignment, factoring, factoring or other transfer of its right to receive payments arising under this Contract Agreement or any Tender Document at least thirty (30) days prior to such assignment, factoring, factoring or other transfer taking legal effect as to BROKER’s payment obligation hereunder (BROKER shall not be obligated to honor any factoring, assignment or any other transfer of CARRIER’s right to receive any payments hereunder unless such notice is timely received)effect. Such written notice shall include the name and address of factoring company, the assignee/factor/transferee, datethe date that the assignment, date assignment factoring arrangement or other transfer is to begintake legal effect, and the terms of the assignment, factoring arrangement or other transfer, and shall be considered delivered upon actual receipt of such written notice by BROKERTX Logistics from the Carrier (and not before). BROKER shall have the right to ask for and CARRIER Carrier shall be obligated allowed to furnish any further documentation BROKER requires in order to satisfy itself as to the authenticity ofhave only one such assignment, and payment requirements of the factoring arrangement(s). BROKER’s payment obligations hereunder shall not be subject to more than one factoring/assignment agreement arrangement or transfer legally effective at any one time. No point in time relative to payments hereunder, and no multiple assignments, factoring or other . TX Logistics shall be entitled to rely upon such transfers written notice until it is withdrawn in writing by Carrier and confirmed in writing as withdrawn by the CARRIER assignee, factor or transferee, and TX Logistics shall be binding on BROKERhave no obligation to verify with the Carrier or otherwise that it remains in effect at the time of any payment under this Agreement of any Tender Document. CARRIER Carrier shall indemnify BROKER TX Logistics against and hold BROKER TX Logistics harmless from any and all lawsuits, claims, actions, damages (including reasonable attorneys feesattorneys’ fees and costs, obligationobligations, liabilities, liabilities and liens) arising or imposed on BROKER in connection with the factoring/assignment assignment, factoring or transfer of any account or right to payment arising thereunderhereunder. If CARRIER wants to terminate factoring, a release from the CARRIER and the factoring company in a form satisfactory to BROKER’s counsel must be received by BROKER specifying the terms and date of release. CARRIER Carrier also releases and waives any right, claim or action against BROKER TX Logistics for any amount due and owing under this Agreement where CARRIER the Carrier has not complied with the notice requirements of this section. Nothing herein limits the right of TX Logistics to withhold payment for services not completed or not properly performed by Carrier, or to apply deductions or set-offs against amounts due to the Carrier to which TX Logistics is entitled hereunder or at law, including for any amounts owed by the Carrier to TX Logistics.

Factoring. CARRIER Carrier shall provide BROKER written notice of any assignment, factoring, or other transfer of its right to receive payments arising under this Contract at least thirty (30) days prior to such assignment, factoring, or other transfer taking legal effect as to BROKER’s payment obligation hereunder obligations (BROKER shall not be obligated to honor any factoring, assignment or any other transfer of CARRIER’s right to receive any payments hereunder unless such notice is timely received). Such written notice shall include the name and address of factoring company, 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. BROKER shall have the right to ask for and CARRIER shall be obligated to furnish any further documentation BROKER requires in order to satisfy itself as to the authenticity of, and payment requirements of the factoring arrangement(s). BROKER’s payment obligations hereunder shall not be subject to more than one factoring/assignment agreement at any one time. No multiple assignments, factoring or other such transfers by the CARRIER shall be binding on BROKER. Any and all factoring agreements are taken subject to the terms of this Agreement regardless of when, or if BROKER receives a notice of assignment. CARRIER shall indemnify BROKER against indemnify, release and hold BROKER and its CUSTOMER harmless from and against any and all lawsuits, claims, actions, damages (including reasonable attorneys attorneys’ fees, obligationcosts, liabilities, and liens) arising or imposed on BROKER in connection with the any factoring/assignment or transfer of any account or right arising thereunder. If CARRIER wants to terminate factoringa factoring arrangement, a written release from the CARRIER and the factoring company in a form satisfactory to BROKER’s counsel must be received by BROKER specifying the terms and date of release. CARRIER also releases and waives any and all right, claim or action against BROKER and its CUSTOMER for any amount due and owing under this Agreement where CARRIER has not complied with any one of the notice requirements of this section.