Common Terms Agreement Vs Facility Agreement In Dallas

• Category: Contracts - Retail Installment
• State: Multi-State
• County: Dallas
• Control #: US-002WG
• Format: Word; Rich Text

Description

The document outlines a Retail Installment Agreement that serves as a binding contract between a seller and a purchaser regarding the sale of goods financed through installment payments. It specifies key terms such as purchase price, interest rates, and the breakdown of monthly payment plans. The form addresses late fees for missed payments and establishes a purchase money security interest in the collateral to secure the seller's interests. It also details events of default and the remedies available to the seller, including immediate payment demands and rights to repossess collateral. Additionally, there are disclaimers regarding warranties and provisions for modifications and severability. This agreement is particularly beneficial for legal professionals like attorneys and paralegals, as it establishes clear, enforceable terms which protect both parties in financial transactions. They can leverage this form for various clients, whether purchasing equipment or consumer goods, ensuring compliance with state laws applicable in Dallas. Owners and partners can utilize these agreements to formalize sales, while associates and legal assistants may assist in drafting or reviewing these documents to ensure clarity and enforceability.