Define: Vendor's Account
Vendor's Account means an account, with specific details provided in writing to relevant parties, held by the vendor.
Legal accuracy standard set & glossary spot-checked by Imad Mohammed Nazar , Skadden-trained M&A lawyer, Legal Engineer at GenieAI
Vendor's Account means an account, with specific details provided in writing to relevant parties, held by the vendor.
Relevant Circumstances
- When a buyer needs to know exactly where to remit funds to a vendor
- If a change of bank details mid-contract could expose payments to fraud
- Where settlement instructions form part of the operative terms of a sale
Relevant Sectors
- Finance
- Trade & Commerce
- Legal Services