This installment sale contract template has 5 pages and is a MS Word file type listed under our legal agreements documents.
Sample of our installment sale contract template:
INSTALLMENT SALE CONTRACT This agreement in entered on this [DATE], BETWEEN: [COMPANY NAME] (the "Buyer"), a corporation organized and existing under the laws of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [COMPANY NAME] (the "Seller"), a corporation organized and existing under the laws of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] Subject to the Terms and Conditions set forth below of this Installment Sale Contract this "Contract", Seller hereby sells the product described below, the "Goods", to Buyer and Buyer having been offered both a cash sale price and a time sale price, hereby buys the Goods from Seller on a time sale basis. Both parties agree as follow: DESCRIPTION OF THE GOODS BEING SOLD PURCHASE PRICE AND PAYMENT TERMS Purchase Price: $__________ (__________________________) Less Deposit Paid: $__________ (__________________________) Outstanding Balance: $__________ (__________________________) Interest Charges: Interest shall accrue at the rate of [SPECIFY] % per year on any unpaid balance. INSTALLMENT PAYMENT The Buyer will pay to the Seller [NUMBER] equal [WEEKLY/MONTHLY] installments of $ [AMOUNT], starting on [START DATE] until the Outstanding Balance and accrued interest is paid in full. LATE PAYMENT FEES If payment is not made within [SPECIFY] days as stipulated in the payment terms the Buyer shall pay an additional late payment fee in the amount of $ [SPECIFY]. All payments shall first be applied to outstanding late payment fees, then to accrued interest and thereafter to the Outstanding Balance. TAXES The Buyer shall pay all taxes, contributions, fees and other charges related to the Goods where such fees are applicable. PREPAYMENT The Buyer may prepay the Outstanding Balance in whole or in part at any time, without premium or penalty. All prepayments apply first to unpaid late fees, then to accrued interest and then to the Outstanding Balance. METHOD OF PAYMENT To facilitate payment, the Buyer may exercise the option to make payment by direct deposit or electronic funds transfer to the Seller's account. All payments by cheque must be sent to the seller's address. ACCELERATION OF DEBT PAYMENT IN THE EVENT OF DEFAULT If the Buyer does not make any payment on the due date for any reason whatsoever, the Buyer shall make payment of the amount due within [NUMBER] days, otherwise the Seller may demand immediate payment of the full balance due and accrued interest. REMEDIES IN EVENT OF DEFAULT If an event of default occurs, Seller, at its option, may exercise any one or more of the following remedies: Proceed at law to enforce specifically Buyer's performance or to recover damages; Declare this Contract in default, and cancel this Contract or otherwise terminate Buyer's right to use the Goods and Buyer's other rights, but not its obligations, hereunder; Declare all amounts due or to become due under this Contract, excluding any unearned portion of the Finance Charge, immediately due and payable; Recover any additional damages and expenses sustained by Seller by reason of the breach of any covenant, representation or warranty contained in this Contract; Enforce the security interest granted herein; Require Buyer to assemble the Goods and additional security and make them available to Seller at a place designated by Seller which is reasonably convenient to both parties; Enter any premises where any Goods or additional security may be located and take immediate possession thereof and remove (or disable in place) such Goods without notice, liability, or legal process; and
