Account Receivable Sales Formula In Michigan
Category:
State:
Multi-State
Control #:
US-00402
Format:
Word;
Rich Text
Instant download
Description
The Contract for the Sale of Accounts Receivable in Michigan is a formal agreement between a Seller and a Buyer detailing the sale of outstanding accounts receivable. It outlines the Seller's commitment to transfer all rights, titles, and interests in specified accounts, accompanied by invoices and expected payments. Key features include Seller's representations regarding account balances, the absence of contingencies related to future services, and a clear stipulation that sold accounts are free from liens or security interests. Filling out this contract involves providing essential details about the accounts in Exhibit 'A' and understanding the options for recourse in the event of default. This form is particularly useful for attorneys, partners, and associates involved in financial transactions, as it allows for clarity in asset sales while ensuring compliance with Michigan laws. Paralegals and legal assistants will benefit from understanding the inspection period allowed for Buyers as part of due diligence, thereby supporting smoother negotiations and safeguarding client interests.
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