Accounts Receivable Contract With Nike In Salt Lake

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

Description

The Accounts Receivable Contract with Nike in Salt Lake is a formal agreement between a seller and buyer regarding the sale of outstanding accounts receivable. The seller agrees to transfer their rights in specified accounts, including all associated invoices and future payments. Key features include representations from the seller about the accounts, such as verifying that products or services have been delivered, ensuring no contingent payments, and confirming no existing disputes or claims against the accounts. The form allows for recourse options, where the buyer may reconvey accounts back to the seller under specific terms. There's a due diligence period for the buyer to inspect the accounts, enabling potential cancellation if they find the accounts unsatisfactory. This contract is useful for attorneys, partners, and business owners by providing a clear framework for transferring accounts receivable. Paralegals and legal assistants can utilize this document for drafting and ensuring compliance with state laws, thus easing the sales transaction process while protecting stakeholders' interests.