Accounts Receivable Contract With Payment Processing In Philadelphia

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

Description

The Accounts Receivable Contract with payment processing in Philadelphia facilitates the sale of outstanding accounts from a seller to a buyer, acknowledging the transfer of rights and obligations. This contract outlines the seller's agreement to sell all accounts listed in an attached exhibit, ensuring that all products or services have been delivered and that no payments are contingent on future deliveries. Buyers can conduct due diligence within a specified timeframe, allowing for contract cancellation if accounts do not meet expectations. The form includes representations from the seller regarding the status of the accounts and specifies whether the assignment is with or without recourse. Key features include the need for sellers to repurchase any defaulted accounts and the agreement to follow Pennsylvania law. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in transactions where accounts receivable are sold. It provides a clear structure for managing these sales, ensuring both parties understand their rights and obligations.