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 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 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, release and hold BROKER and its CUSTOMER harmless from and against any and all lawsuits, claims, actions, damages (including reasonable attorneys’ fees, costs, liabilities, and liens) arising or imposed on BROKER in connection with any factoring/assignment or transfer of any account or right arising thereunder. If CARRIER wants to terminate a 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 requirements of this section.

Factoring. Carrier CARRIER shall provide BROKER written notice of any assignment, factoring, amendment, or other transfer of its right to receive payments payment arising under this Contract Agreement ( "Pay Assignment") at least thirty (30) days prior to the effective date of such assignmentPay Assignment, factoring, or other transfer taking legal effect as to which may affect BROKER’s 's payment obligations (obligations. BROKER shall is not be obligated to honor any factoring, assignment or any other transfer of CARRIER’s right to receive any payments hereunder Pay Assignment unless such notice is proper and timely received). Such At minimum, each written notice shall include the name and address of the factoring company, assignee/transferee, date, or transferee; date assignment signed; date Pay Assignment is to begin, begin; and the terms of the assignment, and shall be Pay Assignment. Notice is considered delivered upon receipt of such written notice by BROKER. BROKER shall have the right to ask for for, and CARRIER shall be obligated to furnish furnish, any further documentation BROKER requires in order to satisfy itself BROKER as to the authenticity and payment requirements of the factoring arrangement(s)Pay Assignment. BROKER’s 's payment obligations hereunder shall not be subject to more than one factoring/assignment agreement Pay Assignment 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 Pay Assignments are taken subject to all the terms of this Agreement regardless of when, when or if BROKER receives a notice of assignmentPay Assignment. CARRIER shall indemnify, release defend, and hold BROKER and its CUSTOMER CUSTOMERS harmless from and against any and all lawsuits, claims, actions, and damages (including reasonable attorneys’ ' fees, costs, liabilities, and liens) arising or from, imposed on upon BROKER in connection with with, or in any factoring/assignment or transfer of way related to any account or right arising thereunderPay Assignment. If CARRIER wants to terminate a factoring arrangementPay Assignment, a written release from the CARRIER and the factoring company Pay Assignment's assignee, in a form satisfactory to BROKER’s counsel 's counsel, must be received by BROKER specifying the terms and date of release. If CARRIER also fails to comply with any one of the requirements of this Section, then CARRIER releases and waives any and all right, claim claim, or action against BROKER and its CUSTOMER CUSTOMERS for any amount due and owing under this Agreement where CARRIER has not complied with any one of the requirements of this sectionAgreement.

Factoring. 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 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)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 and payment requirements of the have only one such assignment, 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 BROKER. Any and all factoring agreements are taken subject have no obligation to verify with the terms Carrier or otherwise that it remains in effect at the time of any payment under this Agreement regardless of when, or if BROKER receives a notice of assignmentany Tender Document. CARRIER Carrier shall indemnify, release indemnify TX Logistics against and hold BROKER and its CUSTOMER TX Logistics harmless from and against any and all lawsuits, claims, actions, damages (including reasonable attorneys’ fees, fees and costs, liabilitiesobligations, liabilities and liens) arising or imposed on BROKER in connection with any factoring/assignment the assignment, factoring or transfer of any account or right to payment arising thereunderhereunder. If CARRIER wants to terminate a 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 Carrier also releases and waives any and all right, claim or action against BROKER and its CUSTOMER TX Logistics for any amount due and owing under this Agreement where CARRIER the Carrier has not complied with any one of 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 obligations 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. 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, release indemnify BROKER against and hold BROKER and its CUSTOMER harmless from and against any and all lawsuits, claims, actions, damages (including reasonable attorneys’ attorneys fees, costsobligation, liabilities, and liens) arising or imposed on BROKER in connection with any the factoring/assignment or transfer of any account or right arising thereunder. If CARRIER wants to terminate a factoring arrangementfactoring, 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.