Accounts Receivable Contract With Nike In Cook

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

Description

The Accounts Receivable Contract with Nike in Cook is a legal document that formalizes the sale of accounts receivable from the Seller to the Buyer. It outlines the Seller's agreement to transfer all rights to accounts listed in an attached exhibit, ensuring that all services or products have been delivered. Key features include Seller representations about the status and terms of the accounts, such as account balances, payment contingencies, and any existing disputes or liens. The document allows for due diligence by the Buyer, granting them a specified period to inspect the accounts before finalizing the sale. Additionally, it includes provisions for the assignment of accounts 'with or without' recourse, determining the conditions under which accounts can be reassigned to the Seller in case of default. This contract is particularly useful for legal professionals, including attorneys and paralegals, as it provides a structured framework for managing receivables and ensuring compliance with state laws. It's an essential tool for business owners and partners involved in the financial transactions of their enterprises, enabling a clear understanding of rights and responsibilities in accounts receivable sales.