An accounts receivable purchase agreement is a legally binding contract that governs the purchase of accounts receivable between parties in a specific location. All revenue contracts must first be entered in the Contracting System.All Accounts Receivable represent valid obligations arising from bona fide business transactions in the Ordinary Course of Business. Contract Payables: Buffy Tufts, Contract Payables Section Chief. Silicon Valley is a region in Northern California that is a global center for high technology and innovation. An accounts receivable purchase agreement is a contract between a buyer and seller. The seller sells receivables to get cash up front. Quickbooks Online accounts receivable tutorial.