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Voluntarily agreeing to the terms of an offer, thereby creating a contract. Can be express or by implication. In invoice finance, a financier will typically indicate acceptance of an offer to purchase a debt or debts by making a prepayment to the client.


Recognition that a debt has been assigned to the financier (see assignment) or other security taken. This would normally be contained within an agreement entered into between an invoice financier and a third party who might take security after the invoice finance agreement has been entered into.

Bad Debt

Generally a debt that has not been collected because of protracted default and/or insolvency of the debtor. The precise definition of bad debt will be set out in the debt purchase agreement.

Ban On Assignment

A clause in a contract of sale which prohibits a client from assigning the benefit of the contract and restricts the assignment of the debts. Also known as prohibition of assignment.


A hybrid between factoring and invoice discounting. The facility is disclosed and the financier issues monthly statements. However, the client undertakes the credit control function, acting as an agent for the financier for a pre-agreed period of time after which the financier may commence collection activity.

Client/ customer

The entity entering into an asset based finance agreement.


A form of security document creating fixed and floating charges over all the assets of the entity against which security is being taken.


A receivable; monetary obligations owed by one entity to another in payment for the supply of goods or services.

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Hitachi, Ltd. (株式会社日立製作所,Kabushiki gaisha Hitachi Seisaku-sho, lit. "Hitachi Works Corporation")(Japanese pronunciation:[çi̥taꜜtɕi]) is a Japnesemultinationalconglomerate company headquartered in Chiyoda, Tokyo, Japan. It is the parent company of the Hitachi Group (Hitachi Gurūpu) and formed part of the Nissan zaibatsu and later DKB Groupof companies before DKB merged into theMizuho Financial Group. As of April 2019, Hitachi operates ten business segments, ranging fromIT, includingAIandbig data, toConstruction Machinery