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Before you sign: get these 10 things in writing

A quote is not a contract. Here is what to ask for in writing, and where it usually shows up once you have the agreement.

1. Advance. What percent of each invoice do you pay up front?

   Where it usually shows up: The advance or purchase section. Term page

2. Fees they mention. List every fee: the rate, wires, same-day pay, and anything else.

   Where it usually shows up: The fee schedule. Term page

3. Reserve and release. What do you hold back, and when is it paid to me?

   Where it usually shows up: The reserve or holdback section. Term page

4. Recourse. If an approved broker does not pay, who takes the loss, and which events count?

   Where it usually shows up: The recourse section. Term page

5. Volume minimum. Do I have to factor every load, or a minimum each month?

   Where it usually shows up: The volume or minimum section. Term page

6. Contract length. How long does the agreement last?

   Where it usually shows up: The term section. Term page

7. Auto-renew. Does it renew by itself, and when?

   Where it usually shows up: The renewal section. Term page

8. Notice to leave. How many days of notice, and how and where do I send it?

   Where it usually shows up: The notice section. Term page

9. Exit fee. Is there a fee to leave early, and which section states it?

   Where it usually shows up: The termination or buyout section. Term page

10. Funding speed. How fast is the money in my account, and does faster cost extra?

    Where it usually shows up: The funding section. Term page

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Exit Kit

Under UCC 9-513 the secured party generally has to file a termination once nothing is owed and you have demanded it in writing. States adopt the UCC with changes. Cornell LII, UCC 9-513.

Notice of assignment is who the broker must pay. Cornell LII, UCC 9-406.

This is general information, not legal advice.

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