Factoring

Factoring is a type of bank service on financing of business entity – suppliers for deduction of the right of payment getting to bank – finance agent for delivered goods, implemented works or rendered services. “Asaka” bank renders factoring services in available converted currency and in national currency – UZS.

Factoring service in foreign currency can be render for the term to 60 days, in UZS for the term to 90 days.

After Contract on factoring signing by Parties, Bank implements the means transfer to the main deposit account poste restante of business entity in the amount defined by the Contract but not more than 80% of payments sum by its payments requirements.

Bank implements the transfer of the last part of payment after means recept from payers.

Client-supplier provides to the Bank following documents for the Contract concluding:

• Sales Contract, Contract on works implementation or services rendering right registered and signed by payer;
• documents confirming the fact of release of tangible properties, works implementation, services rendering (bills of lading, warranties copies, works acceptance works and etc.);
• copy of purchasing requirement issued for payer and payer letter on his agreement for the payment (accept) of this requirement;
• balance sheet for the last report date with decryption of debit and credit liabilities and with attachment of verification acts for the whole sum of delayed debit liability;
• report on incomes and losses;
• certificate on the presence of borrowed current assets of other creditors and available assets keeping in other bank;
• list of opened accounts in other banks.