Example Of Installment Contract In King

Q: What is an installment contract under the UCC?

(A) An &quot;installment contract&quot; is one which requires or authorizes the delivery of goods in separate lots to be separately accepted, even though the contract contains a clause &quot;each delivery is a separate contract&quot; or its equivalent.

Category:

Contracts - Retail Installment

State:

Multi-State

County:

King

Control #:

US-002WG

Format:

Instant download

Description

The Example of Installment Contract in King outlines the agreement between a seller and a purchaser for the purchase of goods with payment made in installments. Key features include the total purchase price, interest rate, payment terms, late fees, and a purchase money security interest in the collateral. The contract stipulates that payments are due monthly, with specific terms regarding late fees and default conditions. It highlights remedies available to the seller in case of default and includes a disclaimer of warranties, governing law provisions, and a clause on severability. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate, retail, or financing transactions, providing a clear framework for managing installment sales and ensuring compliance with legal standards. Users are instructed to fill in critical information such as the purchase price and interest rate accurately and to keep modifications in writing. This ensures that all parties have a mutual understanding of their obligations and rights under the agreement.

Example of retail installment contract

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FAQ

Computer Service Contracts: Contracts for computer or technology services, such as software subscriptions, often involve installment payments being made over a set period of time; Agricultural Sales Contracts: In these contracts, the goods are subject to seasonal cycles, such as produce or agricultural goods.

(A) An "installment contract" is one which requires or authorizes the delivery of goods in separate lots to be separately accepted, even though the contract contains a clause "each delivery is a separate contract" or its equivalent.

An installment contract is a single contract that is completed by a series of performances–such as payments, performances of a service, or delivery of goods–rather than being performed all at one time. Installment contracts can provide that installments are to be performed by either one or both parties.

About Form 9465, Installment Agreement Request. Internal Revenue Service.