Installment Contract Receivable Formula In Maricopa

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

Description

The Installment Contract Receivable Formula in Maricopa outlines the key terms associated with a retail installment agreement, including purchase price, interest rates, payment terms, late fees, and remedies in the event of a default. It stipulates that the total purchase price and interest rate must be clearly filled in, with payment scheduled in consecutive monthly installments. Sellers are granted a purchase money security interest in the purchased collateral, which secures the payment under the agreement. The contract specifies conditions leading to default and the associated rights of the seller, such as the ability to repossess collateral upon default. Key features include a complete understanding clause emphasizing the entire agreement, the requirement for modifications to be in writing, and the provision for severability if any part becomes unenforceable. This form is essential for attorneys, partners, owners, associates, paralegals, and legal assistants handling sale contracts, as it ensures legal compliance and clarity in financial transactions. It provides a structured approach to ensure all parties understand their responsibilities, and it specifies the protections available to the seller, aiding in dispute resolution or collection efforts.