Infinity Trans Brampton

The document is an assignment. That assignment obligates you to pay the factor for any and all invoices you receive from them. You should keep track of these, whether you decide to sign them or not, because you are legally bound to pay until you receive a release of the assignment. It can become complicated when a carrier jumps from one factor to another. Regardless of what the carrier may claim, or the new factoring company, you have to pay the original factor until you are released.
 
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TransAction - I hear you, signing the 'letter of assignment' basically says you acknowledge the stamp/sticker that is on the invoice. I suppose by paying the factor you are doing the same thing. We don't sign them either.

Keep well,
Mike
 
loaders said:
The document is an assignment. That assignment obligates you to pay the factor for any and all invoices you receive from them. You should keep track of these, whether you decide to sign them or not, because you are legally bound to pay until you receive a release of the assignment. It can become complicated when a carrier jumps from one factor to another. Regardless of what the carrier may claim, or the new factoring company, you have to pay the original factor until you are released.
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Hi Loaders,

If you haven't signed the letter how does that legally bind you to pay the factor? (assuming the carrier hasn't, upfront, notified the paying party of the factoring of invoices) If a carrier signs a load sheet saying that they will do "X" move for "X" amount they have a contract with the paying party. The Factor then sends an invoice to the paying party saying "we have the rights to this money", although they are not part of the original agreement so the paying party doesn't really have to pay them...do they? They can pay the carrier direct and notify the factor of such. Yes? It's up to the carrier to advise their factor if they get payments direct....yes?
 
I am not lawyer or para legal, but it has been brought to my attention by them that you are obligated to pay the factor regardless if you sign the assignment document. In addition, if you do pay the carrier directly, ignoring the instructions from the factoring company, you will still be liable for payment to the factor. In effect, when a carrier (or anyone) enters into a factoring agreement, their receivables (or at least the ones they have sold) become the property of the factor. As a supplier, what difference does it really make who you pay? You know you owe the money for the service provided, so if it is a factoring company, the carriers girlfriend, or any other party authorized by the carrier to collect, you pay them. i have never understood this "fear" or mistrust involved with accepting your suppliers wishes and signing the assisgnment. If the invoice you receive is for the agreed amount and the carrier in question has entered into a legitimate agreement with the factor, what's the trouble?
 
in past I had issue with carrier but couldn't 100% prove it was double brokered as it was a domestic load and found out after delivery. I didn't want to pay twice so I called the factor and advised I would only pay if they would indemnify me on the load before I would pay them. All worked out and delivering carrier was paid.
 
loaders said:
I am not lawyer or para legal, but it has been brought to my attention by them that you are obligated to pay the factor regardless if you sign the assignment document. In addition, if you do pay the carrier directly, ignoring the instructions from the factoring company, you will still be liable for payment to the factor. In effect, when a carrier (or anyone) enters into a factoring agreement, their receivables (or at least the ones they have sold) become the property of the factor. As a supplier, what difference does it really make who you pay? You know you owe the money for the service provided, so if it is a factoring company, the carriers girlfriend, or any other party authorized by the carrier to collect, you pay them. i have never understood this "fear" or mistrust involved with accepting your suppliers wishes and signing the assisgnment. If the invoice you receive is for the agreed amount and the carrier in question has entered into a legitimate agreement with the factor, what's the trouble?
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Hi Loaders,

No fear at all. Just wondering what the actual legal obligation is. I agree to your point about following your vendors wishes, just wondering what would stand up in court is all. Just for knowledge! :)
Thanks.
 
I USED TO GIVE THESE MONKEYS ALOT OF DAILY MONTREAL--> AB/BC GTA--> AB/BC
THEY DBL BROKER EVERYTHING! I DONT THINK THAT THEY OWN ONE FUNCTIONING TRUCK
 
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