a legal entity, buying goods or services and obliging itself to pay the value of the delivery on a defined future date

a financial institution, licensed to offer factoring services

the amount, which the supplier is entitled to receive from the payer as a result of validly made delivery of goods or services on a defined future date

the date on which the invoiced amount should be paid by the buyer

transfer of the right of ownership of receivables, originating from delivery of goods and/or rendering of services;

written notification by a supplier/seller to a payer/buyer as regards the assignment of receivables in favour of a factor company

written confirmation by a buyer/payer to the factor company as regards the former’s consent to the receivables’ assignment;

advance payment against assigned receivables up to a defined maximum percentage of the receivables’ value;

the maximum percentage of advance payment, which the Factor may effect, expressed as a percentage of the receivable’s value

the right of the Factor to demand refund of the advance payment, made to an account of the Supplier, upon the Payer’s non-payment on the invoice maturity date
Coverage of the non-payment risk

the maximum percentage of the receivable’s value, up to which the Factor accepts to cover the risk of the Payer’s non-payment

advance payment against assigned receivables up to a defined maximum percentage of the receivables’ value;