Accounts Receivable Contract With Customer In Virginia

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

Description

The Accounts Receivable Contract with Customer in Virginia is a legal agreement that outlines the sale of outstanding accounts receivable from a seller to a buyer. This form specifies essential details such as the rights and interests in the accounts being sold, represented by Exhibit 'A', which lists the accounts and their balances. A key feature of this contract is the seller's warranties regarding the accounts, including their status and any potential defenses from debtors. The contract also stipulates whether the sale is with or without recourse, impacting the seller's liability should any accounts default. Buyers have a set period to inspect the accounts and can cancel the agreement if unsatisfied. The contract is governed by the laws of Virginia, making it suitable for local businesses. This form is particularly useful for attorneys, partners, business owners, associates, paralegals, and legal assistants involved in financial transactions or collections, as it provides a clear framework for managing accounts receivable sales and protects both parties' interests.