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Accounts Receivable Agreement

Accounts Receivable Agreement Template for England and Wales

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Key Requirements PROMPT example:

Accounts Receivable Agreement

"Need an Accounts Receivable Agreement for our manufacturing company to assign £2M worth of receivables to ABC Finance Ltd, with monthly settlements and no recourse provisions, to be effective from March 2025."

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Document background
An Accounts Receivable Agreement is utilized when businesses seek to improve their cash flow by selling their accounts receivable to financial institutions or specialized factors. This agreement, governed by English and Welsh law, establishes the framework for the ongoing purchase of receivables, defining crucial elements such as purchase price calculations, eligibility criteria, and parties' rights and obligations. It serves as a vital tool for working capital management and is particularly relevant in commercial financing arrangements where immediate access to funds is required against future payment obligations.
Suggested Sections

1. Parties: Identification and details of all contracting parties

2. Background: Context and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Assignment of Receivables: Core terms of the assignment including scope and effectiveness

5. Purchase Price and Payment Terms: Financial terms including calculation methods

6. Representations and Warranties: Standard assurances about receivables and parties' capacity

7. Covenants: Ongoing obligations of parties

Optional Sections

1. Security Provisions: Additional security arrangements when security is required beyond assignment

2. Collection Rights: Rights to collect directly from debtors when assignee will collect directly

3. Insurance Requirements: Required insurance coverage when credit insurance is part of arrangement

Suggested Schedules

1. Schedule of Receivables: Detailed list of assigned receivables

2. Eligibility Criteria: Criteria for receivables to be included in assignment

3. Form of Notice to Debtors: Template for notifying debtors of assignment

4. Calculation Methods: Detailed methodology for calculating purchase price and fees

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Relevant legal definitions
Accounts
Accounts Receivable
Advance Rate
Assigned Debts
Assignment
Business Day
Collection Period
Debtor
Default Interest Rate
Dilution
Discount Rate
Eligible Receivables
Encumbrance
Event of Default
Face Value
Facility Limit
Ineligible Receivables
Initial Purchase Price
Invoice
Material Adverse Effect
Maximum Amount
Notice of Assignment
Purchase Price
Purchased Receivables
Receivables Schedule
Recourse
Related Rights
Reserve Account
Security Interest
Settlement Date
Transfer Date
True Sale
Underlying Contract
Clauses
Assignment
Purchase Price
Payment Terms
Representations and Warranties
Covenants
Conditions Precedent
Eligibility Criteria
Collection Rights
Servicing
Security
Recourse
Events of Default
Remedies
Set-off
Confidentiality
Data Protection
Anti-Money Laundering
Notice Requirements
Termination
Amendments
Governing Law
Jurisdiction
Dispute Resolution
Force Majeure
Indemnification
Further Assurance
Costs and Expenses
Assignment and Transfer
Severability
Entire Agreement
Counterparts
Third Party Rights
Relevant Industries
Relevant Teams
Relevant Roles
Industries

Bills of Exchange Act 1882: Primary legislation governing negotiable instruments and bills of exchange, crucial for accounts receivable transactions

Law of Property Act 1925: Fundamental legislation governing property rights and transfers, including assignment of receivables

Sale of Goods Act 1979: Key legislation governing the sale of goods and related receivables in commercial transactions

Contracts (Rights of Third Parties) Act 1999: Legislation governing third-party rights in contracts, relevant for receivables assignment

Late Payment of Commercial Debts (Interest) Act 1998: Legislation governing interest charges on late commercial payments

Financial Services and Markets Act 2000: Primary framework for financial services regulation in the UK, including regulated financing activities

Financial Services and Markets Act 2000 (Regulated Activities) Order 2001: Specifies which activities require FCA authorization, including certain receivables financing arrangements

Law of Property (Miscellaneous Provisions) Act 1989: Legislation governing formalities for creation and transfer of interests in property, including receivables

Companies Act 2006: Corporate law framework including requirements for registration of charges and corporate documentation

UK General Data Protection Regulation: Data protection legislation governing the processing of personal data in receivables transactions

Data Protection Act 2018: UK's implementation of data protection standards, complementing UK GDPR

Money Laundering Regulations 2017: Anti-money laundering requirements applicable to financial transactions and receivables financing

Consumer Credit Act 1974: Legislation protecting consumers in credit transactions, relevant if receivables involve consumer debtors

Consumer Rights Act 2015: Modern consumer protection framework, applicable if receivables involve consumer transactions

Insolvency Act 1986: Primary legislation governing insolvency proceedings and creditor rights

Enterprise Act 2002: Legislation modifying insolvency procedures and affecting creditor rights in insolvency

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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