Receivable Forward Contract In Virginia

State:
Multi-State
Control #:
US-00402
Format:
Word; 
Rich Text
Instant download

Description

The Receivable Forward Contract in Virginia is a legal agreement for the sale of accounts receivable between a seller and buyer. It outlines the seller's obligations to sell their interest in specified accounts, as detailed in an attached exhibit. Key features include representations by the seller regarding the validity of the accounts, a provision for inspection and due diligence by the buyer, and options for recourse in case of default. Users need to fill in specific details such as the seller and buyer's identities and the account details in the form. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in transactions involving accounts receivable. It aids in ensuring clarity and security in financial dealings while providing a structured process for handling defaults. Legal professionals should emphasize the importance of thorough due diligence before finalizing the sale. The form is designed to be straightforward, making it accessible to users with varying levels of legal expertise.
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FAQ

A provision that waives or diminishes a subcontractor's, lower-tier subcontractor's, or material supplier's right to assert payment bond claims or his right to assert claims for demonstrated additional costs in a contract executed prior to providing any labor, services, or materials is null and void.

English designated the official language of the Commonwealth. English shall be designated as the official language of the Commonwealth.

The Board may promulgate reasonable regulations, not inconsistent with this subtitle or the general laws of the Commonwealth, which it deems necessary to carry out the provisions of this subtitle and to prevent the illegal manufacture, bottling, sale, distribution, and transportation of alcoholic beverages.

Virginia's fair debt collection law makes it a crime for debt collectors to send documents simulating legal process. The federal Fair Debt Collection Practices Act (FDCPA) (15 U.S.C. § 1692 and following) regulates debt collectors. The FDCPA protects consumers from unfair and deceptive debt collection practices.

In Virginia, the applicable statute of limitations for credit card debts, mortgage debts, and medical debts is five years. After the statute of limitations has expired, a creditor or debt collector can no longer file a collection lawsuit related to that debt.

§ 11-14. Notwithstanding any other provision of law, a contract governing the distribution of state lottery proceeds shall be valid and enforceable as between the parties to the contract. Code 1919, § 5558; 1998, c. 400.

No person younger than 21 years of age shall consume or possess, or attempt to consume or possess, any marijuana or marijuana products, except by any federal, state, or local law-enforcement officer or his agent when possession of marijuana or marijuana products is necessary in the performance of his duties.

In the area of law, for a contract to be legally enforceable, several requirements must be met, including an offer; acceptance of that offer; mutual understanding of the agreement; capacity to agree; an item or service; consideration in exchange for the item or service; and legality of the contract itself, including ...

A contract is an agreement between parties , creating mutual obligations that are enforceable by law . The basic elements required for the agreement to be a legally enforceable contract are: mutual assent , expressed by a valid offer and acceptance ; adequate consideration ; capacity ; and legality .

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Receivable Forward Contract In Virginia