Puerto Rico Conditional Sales Contract
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How to fill out Conditional Sales Contract?
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FAQ
What Is a Conditional Sales Agreement? A conditional sales agreement is a financing arrangement where a buyer takes possession of an asset, but its title and right of repossession remain with the seller until the purchase price is paid in full.
Personal or Contractual Legal Actions: Pursuant to Article 1203 of the New Code, any personal legal action that is not subject to a specific statute of limitations provided by law, including for actions based on breach of contract, will be subject to a statute of limitations of 4 years.
The Conditional Sale Agreement If you buy equipment on an installment plan, for example, it's yours only if you meet the condition of making all the payments. The buyer gets the equipment sooner than if they paid full price; the seller has security because they can repossess the equipment.
Act 75 implements one of the most comprehensive dealer protection schemes in the United States. It limits the principal's ability to modify the terms of business with the dealer and imposes severe penalties on principals who end such contracts without just cause.
Law 21 prohibits a principal from terminating its agreement with an exclusive sales representative without just cause.
Distribution Law 75 is unique to Puerto Rico; few jurisdictions have enacted similar laws. Law 75 is a patriarchal law that regulates the relationship between principals and on-Island distributors. It creates a complex framework for business and commercial relationships that is unique to Puerto Rico.
