It's the amount that customers owe you for goods or services that they purchase on credit. An accounts receivable purchase agreement is a legally binding contract that governs the purchase of accounts receivable between parties in a specific location.Learn how to record retention receivable and payable, and why it can be essential for your construction business. All revenue contracts must first be entered in the Contracting System. The accounts receivable purchase is a contract between a buyer and seller where the buyer agrees to exchange money to receive something from the seller. Nondelinquent accounts receivable are receivables that have not been billed or are not due under the contract or billing document pertaining to the receivable. Learn why construction accounting differs from traditional bookkeeping.