What Is Grinding Accounts Agreement?
Grinding accounts, also known as wiping accounts, generally refers to the process of buying and selling businesses, through the signing of agreements, so that their accounts receivable, cope with Accounts are offset against each other rather than through the flow of money.
This form of payment was against the shortage of funds and the spread of triangular debts in the 90s of last century.
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At that time, the benign operation of the national economy once played an irreplaceable positive role.
For example:
A buys the raw materials of B, but he can't pay the money.
C sells products of A, and at the same time, C and B may be related, so that three can easily sign an agreement and give A to C.
product
The sales revenue after sale is directly returned to B for repayment of arrears.
In practice, there may be more than three parties, and there may be some additional conditions.
This way of clearing up and going is like turning around. The agreement signed by many parties is called grinding accounts agreement.
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