Accounts Receivable Contract With Nike In Maryland

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

Description

The Accounts Receivable Contract with Nike in Maryland is a formal agreement between a seller and a buyer concerning the sale of outstanding accounts receivable. This contract outlines key details, such as the assignment of accounts, the representation by the seller regarding the validity of those accounts, and the terms under which the accounts are sold, either with or without recourse. Essential components include the attached Exhibit "A" which lists all relevant accounts, an assurance from the seller that no payments are contingent on future deliveries, and a stipulation regarding funds received post-sale. The contract also permits buyers a specified timeframe to inspect the accounts and potentially cancel the agreement if unsatisfied. This agreement is beneficial for legal professionals, such as attorneys and paralegals, who need to ensure compliance and protect their clients' interests in transactions involving accounts receivable. It serves as a practical tool for partners and business owners to formalize agreements with clients, ensuring clarity and accountability. Legal assistants may find it useful for organizing documentation, while associates can leverage this contract to facilitate negotiations and manage due diligence processes.