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Accounts Receivable Agreement

Accounts Receivable Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Accounts Receivable Agreement

"I need an Accounts Receivable Agreement for my UAE manufacturing company to secure financing against our receivables from a local bank, with a facility limit of AED 10 million and assignment of receivables from our top 5 industrial customers."

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Document background
This Accounts Receivable Agreement is designed for use in the United Arab Emirates when businesses seek to monetize, manage, or finance their accounts receivable. The document is structured to comply with UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and related regulations, providing a comprehensive framework for receivables transactions. It is particularly useful for businesses looking to improve working capital management, obtain financing against receivables, or outsource receivables management. The agreement includes detailed provisions for assignment, collection, reporting, and security arrangements, addressing both domestic and international receivables scenarios. It incorporates necessary safeguards and operational procedures while ensuring alignment with UAE legal requirements and business practices.
Suggested Sections

1. Parties: Identification of the parties entering into the agreement, including full legal names, addresses, and registration details

2. Background: Context of the agreement, including the business relationship and purpose of the arrangement

3. Definitions: Detailed definitions of key terms used throughout the agreement

4. Assignment of Receivables: Core provisions regarding the transfer or management of receivables, including scope and effectiveness

5. Purchase Price and Payment Terms: Details of consideration and payment mechanisms for the receivables

6. Representations and Warranties: Standard representations regarding authority, ownership, and quality of receivables

7. Covenants: Ongoing obligations of both parties throughout the agreement term

8. Collection and Servicing: Procedures for collecting and managing the receivables

9. Reporting Requirements: Regular reporting obligations and information sharing requirements

10. Events of Default: Circumstances constituting default and consequential rights

11. Remedies: Available remedies in case of breach or default

12. Term and Termination: Duration of the agreement and termination provisions

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

14. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment

Optional Sections

1. Security Arrangements: Additional security provisions when specific collateral or guarantees are required

2. Credit Insurance: Provisions relating to credit insurance when receivables are insured

3. Electronic Systems: Provisions for electronic platforms or systems used in managing receivables

4. True Sale Provisions: Specific provisions establishing true sale characteristics when required for securitization

5. Sharia Compliance: Additional provisions when the agreement needs to be Sharia-compliant

6. Cross-Border Provisions: Additional provisions for international receivables

7. Data Protection: Specific provisions regarding data protection when handling sensitive information

Suggested Schedules

1. Schedule 1 - Eligible Receivables Criteria: Detailed criteria for receivables eligible under the agreement

2. Schedule 2 - Form of Assignment Notice: Standard form for notifying debtors of the assignment

3. Schedule 3 - Operational Procedures: Detailed procedures for day-to-day operations

4. Schedule 4 - Pricing Mechanism: Detailed calculation methods for purchase price and fees

5. Schedule 5 - Reporting Templates: Standard forms for required reports

6. Schedule 6 - Initial Receivables Portfolio: Details of receivables included at commencement

7. Appendix A - Power of Attorney: Form of power of attorney for collection purposes

8. Appendix B - Compliance Certificates: Templates for ongoing compliance certification

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

Construction

Technology

Telecommunications

Transportation and Logistics

Professional Services

Energy and Utilities

Real Estate

Trading and Distribution

Relevant Teams

Finance

Legal

Treasury

Credit and Collections

Operations

Risk Management

Compliance

Commercial

Accounts

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Credit Manager

Accounts Receivable Manager

Financial Controller

Legal Counsel

Commercial Director

Risk Manager

Operations Manager

Collections Manager

Relationship Manager

Credit Analyst

Finance Manager

Compliance Officer

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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