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Factoring

Update date:  12 May 2021, 10:46

Factoring (debt collection) is a type of service of the bank to finance economic entities. According to it, the bank accepts without the right to regress the rights of economic entities to levy payments on goods, works performed and services, which are transferred by the payers.

Factoring operations are carried out in accordance with the Regulation "On the procedure for carrying out factoring operations in the territory of the Republic of Uzbekistan by commercial banks" (list of MJ of Uzb. № 953, 03.08.2000).

For the service rendered by the Bank, the period of payment from the borrower is up to 90 days. The factoring services of the bank for export operations are provided only to enterprises and organizations that have a call deposit account in foreign currency.

An obligatory condition for the provision of factoring services is the absence of the creditor's debts, which the payer has expired. Mandatory condition for the provision of factoring services for export operations is the absence of overdue debtors on the export contract concluded by the supplier enterprise with a foreign partner.

The following factoring operations are not carried out by the bank:

  • according to the requirements for budgetary organizations;
  • on debt obligations of individuals;
  • on the obligations of enterprises that are declared insolvent for payment;
  • on enterprises facing losses;
  • by enterprises with not liquid balance sheet;
  • financing of capital funds;
  • export consignment contracts;
  • payment of fee (compensation) and barter transactions;
  • payment by step or by advance payment in operation;
  • when the payer has the right to return the product within the period specified in the contract.
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