Conditional Sales Agreement :
For valid and worthwhile consideration, this conditional sales agreement is entered into by [Seller] and [Buyer]. Seller agrees to sell and Buyer agrees to buy the following items on a provisional sale.
Sale price $___________
Other charges $___________
Finance charges $___________
Total purchase price $___________
Down payment $___________
Additional credits $___________
Total deductions $___________
Sum financed $___________
YEARLY INTEREST RATE $___________
The sum financed is payable in ___ monthly payments of Rs.___ each, starting on the ___ day of the month of ___, 20___, and continuing on the same day each following month until paid to completion.
The title to the items remains with the Seller until payment of the complete purchase cost, subject to allocation of installments and release of security interest as mandatoryby law. The Buyer agrees to keep the items free from other liens, hindrances, and not to remove the goods from the below address without the written permission of the Seller.
Buyer agrees to complete all financing statements as may be required of Seller to accomplish this conditional sales agreement.
In the case of a default, Seller may enter the premises of Buyer and reclaim said items.
If the Seller reclaims the goods she/he has the authority to resell them for credit to the balance transacted, and Seller may reacquire same all as further described and established under state law.
On the demand of Seller, the Buyer shall keep the goods sufficiently insured with Seller named the loss payee. On request, Buyer shall give Seller proof of insurance.
In the case of default, Buyer shall be responsible to pay attorney bills, collection fees, and other costs in keeping with enforcement of this contract. This agreement is binding upon and inure to the advantage of the parties, their heirs, assigns, and personal representatives.
The total balance shall become due on default. Upon default, Seller will have the authorization to retake the items, hold and dispose of same and retrieve expenses, together with any lack due from the Buyer, but subject to the Buyer's right to reclaimpursuant to law and the Uniform Commercial Code.
This contract shall also be in default upon the death, poverty, or bankruptcy of the Buyer.
Signed under seal and approved this ___ day of ___ 20___.
These forms are provided as examples of common sales transactions. Complex agreements involving large amounts of money should be reviewed by an attorney before being implemented.
Conditional Sales Agreement
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