Receivable For Sales In Ohio

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

Description

The Contract for the Sale of Accounts Receivable is a legally binding agreement between a seller and a buyer for the transfer of ownership of accounts receivable in Ohio. This form outlines that the seller is transferring all rights to specified accounts, including invoices and any future payments, as stated in the attached Exhibit 'A'. Key features include representations by the seller regarding the accuracy of accounts, affirmation that no payments are contingent on future deliveries, and disclosure of any contested accounts. The agreement stipulates whether the sale is 'with' or 'without' recourse, affecting the buyer's ability to seek repayment from the seller for defaulted accounts. Buyers are given a set period to inspect the accounts and can cancel the agreement if unsatisfied. This form is advantageous for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear framework for the sale of receivables, ensuring all parties understand their rights and obligations. Effectively filling and editing this form requires attention to detail in listing accounts and understanding the implications of recourse provisions. Overall, this document is essential for facilitating smooth transactions in the realm of accounts receivable sales.