Receivable Forward Contract In New York
Category:
State:
Multi-State
Control #:
US-00402
Format:
Word;
Rich Text
Instant download
Description
The Receivable Forward Contract in New York is a legal document that facilitates the sale of accounts receivable between a seller and a buyer. It outlines the rights and obligations of both parties regarding the sale of outstanding accounts. Key features of this contract include seller representations about the accounts, a detailed list of accounts on an attached exhibit, and clauses regarding the recourse or non-recourse nature of the sale. Users must ensure they clearly specify the details of the accounts, including the balances, account debtor information, and any contingencies associated with payments. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in financial transactions or business operations. Filling out the form requires careful attention to detail, including verifying that no defenses or offsets exist on sold accounts. It also allows buyers a due diligence period to inspect accounts before finalizing the sale, thereby offering protection against unsatisfactory accounts. This contract is essential for parties looking to improve cash flow by converting receivables into immediate funds.
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