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The export factoring agent is the party that accepts the transfer of accounts from the supplier according to the factoring agreement.The export factoring agent shall fill in the Application for Credit Line according to the contents of the exporter's application and submit it to the agentImport factoring, apply for the quota from the import factor on behalf of the exporter.If the import factor approves the amount applied for by the export factor, the export factor will sign and issue a certificate with the exporterExport Factoring Agreement。
For suppliers, the export factor has the right to suspend the guarantee payment and handle the counter transfer in case of trade disputes. Under specific circumstances, the credit risk limit can be revoked or reduced, and the supplier can also be required to provide documents;But at the same time, it is also obligated to contact and handle the approval of credit line, accept the creditor's rights of accounts receivable, conduct sales accounting management, guarantee payment and notify the supplier of disputes.
For the import factoring, the export factoring has the right to require the import factoring to bear the liability of bad debt guarantee under the credit risk, and to require the import factoring to inform the effective transfer form and requirements;However, it is also obligated to pay factoring commission to the import factoring agent, submit the debtor's credit risk approval application, deliver relevant documents within the agreed time, transfer the creditor's rights of accounts receivable to the import factoring agent, make commitments and guarantees on the authenticity and non dispute of the creditor's rights of accounts receivable, and ensure the effectiveness of the procedures for the transfer of creditor's rights of accounts receivable.
Chinese name
export factor
Part of speech
noun
Main obligations
Credit sales control.Confidentiality obligations
Concept
The party who accepts the account transferred by the supplier
Credit sales control, purchase of accounts receivable and sales account management, payment obligations, timely notification of trade disputes to exporters, confidentiality obligations, etc.
Legal relations
Announce
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Export factoring (bank factoring) andImport factoringThe legal relationship between them is also a kind of contractual relationship, which is usually carried out by export factoring (bank factoring) and import factoringinternational factoring A framework long-term agreement for cooperation, rather than a specific agreement signed only for a certain business.
