Installment Agreements With The Irs In Michigan

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

Description

The Retail Installment Agreement is designed for individuals engaging in installment purchases in Michigan, providing a structured method for employers and sellers to recover payments from buyers over time. Key features include the total purchase price, the specified interest rate, and the payment terms, detailing consecutive monthly installments due to the seller. It establishes penalties for late payments and includes provisions for a purchase money security interest in collateral, ensuring the seller's financial security. Specific scenarios prompting default include non-payment, transfer of ownership, or bankruptcy filings. Remedies for default include the immediate collection of owed payments and rights to repossess the collateral. This agreement serves as a comprehensive document, as it covers modifications, governing law, and severability, ensuring clarity and enforceability. For attorneys, partners, owners, associates, paralegals, and legal assistants, this agreement provides vital guidance and legal structure when drafting contracts that involve retail sales and financing arrangements, ensuring compliance with state laws and protecting both parties' interests.