Accounts Receivable Contract Formula In Bexar

• Category: Loans and Lending - Accounts Receivables
• State: Multi-State
• County: Bexar
• Control #: US-00402
• Format: Word; Rich Text

Description

The Accounts Receivable Contract Formula in Bexar outlines the terms under which a seller can sell their accounts receivable to a buyer. This contract specifies that the seller is transferring all rights, titles, and interests in designated accounts, as detailed in an attached exhibit. It highlights critical representations by the seller, including the completeness of the accounts, their outstanding balance, and the assurance that no future deliveries impact payment obligations. Importantly, sellers must disclose any contests, defenses, or claims related to the accounts. The buyer is granted a due diligence period to inspect the accounts, with the option to cancel the contract if not satisfied. Additionally, the contract addresses recourse options, where buyers can reconvey accounts if they default. This contract is useful for attorneys, partners, owners, associates, paralegals, and legal assistants by providing a clear legal framework for transferring accounts receivable, ensuring due diligence, and protecting both parties' interests.