Receivable Forward Contract In Illinois
Category:
State:
Multi-State
Control #:
US-00402
Format:
Word;
Rich Text
Instant download
Description
The Receivable Forward Contract in Illinois is a legal agreement where a seller transfers their rights to outstanding accounts receivable to a buyer for a specified consideration. This contract outlines essential terms such as the accounts being sold, the seller's representations regarding the accounts, and whether the sale is with or without recourse. Key features include the requirement for the seller to list all accounts on an attached exhibit, confirm they are free from disputes or offsets, and the obligation to deliver any payments received after a specified date to the buyer. The form also allows the buyer a designated period to inspect the accounts and cancel the contract if not satisfied. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, facilitating the clear exchange of receivables while safeguarding the interests of both parties. It streamlines the process of receivable sales, ensuring compliance with Illinois law and providing a structured approach to account management.
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