Accounts Receivable Contract For Services In Michigan

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

Description

The Accounts Receivable Contract for Services in Michigan is a legal document that facilitates the sale of accounts receivable between a Seller and a Buyer. This agreement specifies that the Seller is transferring all rights, title, and interest in listed accounts to the Buyer in exchange for consideration. Key features include representations about the accounts such as confirmation that they are all outstanding, details on payment contingencies, and acknowledgments regarding any defenses or offsets. It is crucial that the attached Exhibit 'A' accurately reflects the account details, including balances and debtor information. Users have the option to include recourse provisions, which allow a Buyer to reconvey accounts to the Seller if they become defaulted. The form also grants Buyers a defined inspection period to ensure the accounts meet their satisfaction, allowing for contract cancellation if necessary. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who require a clear framework for the sale of receivables, ensuring compliance with Michigan law while protecting the interests of both parties.