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Account Receivable Purchase Agreement

Account Receivable Purchase Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Account Receivable Purchase Agreement

"I need an Account Receivable Purchase Agreement under UAE law for my manufacturing company to sell its receivables to Emirates NBD bank, with specific provisions for ongoing servicing and collection by our company and a purchase price of 90% of face value."

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Document background
The Account Receivable Purchase Agreement is a sophisticated financial instrument used in the United Arab Emirates for businesses seeking to improve their working capital position or monetize their receivables. This document is particularly relevant when companies need immediate access to cash rather than waiting for payment terms to expire, or when looking to transfer credit risk to a more capable party. The agreement must comply with various UAE federal laws, including the Civil Code, Commercial Transactions Law, and Central Bank regulations. It typically includes detailed provisions for the transfer of receivables, pricing mechanisms, representations about the quality of the receivables, collection procedures, and remedies in case of default. The document is structured to ensure enforceability under UAE law while providing flexibility to accommodate various commercial arrangements and industry-specific requirements.
Suggested Sections

1. Parties: Identification of the seller (assignor) and purchaser (assignee) of the accounts receivable, including full legal names and addresses

2. Background: Context of the agreement, nature of the underlying receivables, and purpose of the purchase arrangement

3. Definitions: Key terms used throughout the agreement, including 'Receivables', 'Purchase Price', 'Cut-off Date', 'Collection Period', etc.

4. Purchase and Sale: Core provisions detailing the transfer of receivables, purchase price calculation, and completion mechanics

5. Conditions Precedent: Prerequisites that must be satisfied before the purchase becomes effective

6. Representations and Warranties: Statements of fact and assurances from the seller regarding the receivables and their business

7. Covenants: Ongoing obligations of the parties, particularly the seller's duties regarding the receivables

8. Collection and Administration: Procedures for collecting receivables and managing the purchased accounts

9. Events of Default: Circumstances constituting breach and their consequences

10. Termination: Conditions and procedures for ending the agreement

11. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

Optional Sections

1. Security: Additional security arrangements if required for the transaction

2. True Sale Provisions: Enhanced provisions to ensure the transfer qualifies as a true sale rather than a secured lending

3. Sharia Compliance: Additional provisions for ensuring compliance with Islamic finance principles if required

4. Data Protection: Specific provisions dealing with personal data protection if the receivables involve individual debtors

5. Currency Provisions: Special provisions for cross-border receivables involving multiple currencies

6. Insurance: Provisions relating to credit insurance if applicable

Suggested Schedules

1. Schedule 1 - Receivables List: Detailed list of receivables being purchased, including debtor details, amounts, and due dates

2. Schedule 2 - Eligibility Criteria: Criteria that receivables must meet to be eligible for purchase

3. Schedule 3 - Purchase Price Calculation: Formula and methodology for calculating the purchase price

4. Schedule 4 - Form of Transfer Notice: Template for notices to be sent to debtors regarding the transfer

5. Schedule 5 - Conditions Precedent Documents: List of required documents and conditions to be satisfied

6. Schedule 6 - Collection Procedures: Detailed procedures for collecting and administering the receivables

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions





























Clauses


























Relevant Industries

Banking and Financial Services

Manufacturing

Retail

Healthcare

Technology

Construction

Energy

Telecommunications

Professional Services

Transportation and Logistics

Relevant Teams

Legal

Finance

Treasury

Credit Control

Accounts Receivable

Risk Management

Commercial

Operations

Compliance

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Credit Controller

Accounts Receivable Manager

Legal Counsel

Commercial Director

Risk Manager

Financial Controller

Business Development Manager

Corporate Finance Manager

Collections Manager

Industries






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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