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Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 99981
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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I am buying a business. What does this paragraph mean?

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I am buying a business. What does this paragraph mean?
Excluded Assets. Notwithstanding any other provisions of this agreement, the seller shall retain and shall not transfer to Purchaser its rights to receive payments a arising out of or relating to the Applications, including without limitation any unbilled charges which represents revenue that has been recognized but not billed arising out of or relating to the Applications prior to the Closing Date, and the right to bill and receive payment for services rendered but unbilled as of the Closing Date arising out of or relating to the Applications.
Submitted: 4 months ago.
Category: Legal
Expert:  Ely replied 4 months ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

Layman's terms: "Unless stated otherwise, seller shall not be giving to buyer the right to get paid for Applications that were established/finalized/etc (I am not sure what this business is so hard to say) prior to closing date. This includes charges that should have been paid on these Applications, or that were/become due to these Applications."

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