The Future Receivables Factoring Agreement is a vital financing tool in Singapore's commercial landscape, particularly suitable for businesses seeking to monetize their future revenue streams. This agreement type enables companies to access immediate working capital by selling their anticipated receivables to a factor, typically at a discount. The document comprehensively addresses the complexities of future receivables transactions, including purchase mechanisms, pricing, collections, and risk allocation, while ensuring compliance with Singapore's regulatory requirements. It's particularly relevant for businesses with predictable future revenue streams or contracted future payments.
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1. Parties: Identification of Factor and Client, including registration details and addresses
2. Background: Context of the agreement, including Client's business nature and purpose of factoring arrangement
3. Definitions: Key terms including 'Receivables', 'Future Receivables', 'Purchase Price', 'Advance Rate', etc.
4. Purchase and Sale: Core terms of the factoring arrangement, including transfer mechanism and pricing
5. Representations and Warranties: Client's declarations regarding business, receivables, and authority to enter agreement
6. Covenants: Ongoing obligations of the Client regarding business operations and receivables management
7. Payment Terms: Details of purchase price calculation, advances, reserves, and fees
8. Collection and Enforcement: Rights and procedures for collecting receivables
9. Events of Default: Circumstances constituting default and consequent remedies
10. Governing Law and Jurisdiction: Singapore law provisions and jurisdiction clauses
1. Security Provisions: Additional security arrangements when security is required beyond the receivables assignment
2. Insurance: Requirements for insurance of receivables when credit insurance is part of the arrangement
3. Cross-Border Provisions: Special provisions for international receivables when dealing with overseas debtors
4. Recourse Provisions: Terms for recourse against Client in recourse factoring arrangements
1. Schedule of Eligible Receivables: Criteria and characteristics of receivables eligible for purchase
2. Form of Notice to Debtors: Standard form for notifying debtors of the assignment
3. Fee Schedule: Detailed breakdown of all fees and charges
4. Operating Procedures: Detailed procedures for submission and processing of receivables
5. Form of Assignment: Standard form for individual assignments of receivables
6. Prohibited Debtors List: List of debtors whose receivables are not eligible for purchase
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