Receivable Contract With Nike In Cuyahoga

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

Description

The Receivable Contract with Nike in Cuyahoga establishes the terms under which a seller transfers their rights to accounts receivable to a buyer. Key features of the contract include a detailed exhibit listing all accounts being sold and their respective balances, as well as representations made by the seller regarding the validity and status of the accounts. The seller must ensure that the accounts are free from disputes and that no payment is contingent on future services. Additionally, the contract specifies whether the sale is with or without recourse, allowing buyers to reconvey accounts in cases of default. A due diligence period is provided for the buyer to inspect the accounts before finalizing the agreement. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, as it outlines clear responsibilities and contingencies that protect both parties. Having a well-defined framework can assist legal professionals in negotiations and facilitate compliance with state laws applicable to the contract.