This Conditional Sale Agreement is between a seller and buyer of goods. This agreement sets forth a detailed list of the products being sold, the purchase price and any deposits or credits. If the goods are financed, this agreement sets forth the finance charges, amount of monthly installments and payment due date. Both parties must sign this Conditional Sale Agreement
Conditional Sale Agreement
THIS AGREEMENT (the “Agreement”) is made and entered into this _____ day of ____________, 20____, by and between ________________________, of __________________________________________________, (the “Seller”) and _________________________, of, ________________________________ (the “Buyer”)
The Seller will sell to the Buyer and the Buyer agrees to buy from the Seller the following products ________________________________________________
_________________________________________________ (the “Products”).
2. Purchase Price
The purchase price for the said Products shall be as follows:
Sales price $ ______________
Sales tax $ ______________
Finance charge $ ______________
Insurance $ ______________
Other charges $ ______________
Total purchase price $ ______________
Deposit $ ______________
Credits $ ______________
Total Price: $ ______________ (“Purchase Price”)
INTEREST RATE ______________% per annum
3. Purchase Price
The Purchase Price shall be paid in________________ monthly installments of $_____________ each, payable on the ____________ day of every month.
The seller shall retain ownership, title and all interest to the Products sold until full payment of the Purchase Price is realized. Upon receipt of full payment Seller shall release the security interest to Buyer.
5. Liens & Encumbrances
Buyer shall safely keep the Products free from any liens and encumbrances at the following premises: ___________________________________________. Buyer shall not remove the Products from the Premises without Seller's prior written consent.
6. Additional Documents
Buyer agrees to execute all necessary documents required to perfect this conditional sales agreement.
Buyer shall keep the Products adequately insured, and shall also name the Seller as loss-payee.
Upon any default by the Buyer of the provisions of this Agreement, the Purchase Price shall become immediately due and payable. Upon such default, Seller may reclaim the goods, hold and dispose of same, and collect expenses, together with any deficiency due from Buyer.
Seller shall not assign any of their rights under this Agreement, or delegate the performance of any of the obligations or duties hereunder, without the prior written consent of the Buyer and any attempt by Seller to so assign, transfer, or subcontract any rights, duties, or obligations arising hereunder shall be void and of no effect.
Any notices, bills, invoices, or reports required by this Agreement shall be deemed received on (a) the day of delivery if delivered by hand during receiving party’s regular business hours or by facsimile before or during receiving party’s regular business hours; or (b) on the second business day following deposit in the United States mail, postage prepaid, to the addresses heretofore below, or to such other addresses as the parties may, from time to time, designate in writing pursuant to the provisions of this section.
11. Governing Law
This Agreement is to be construed in accordance with and governed by the internal laws of the State of _____, USA.
12. Dispute Resolution
All disputes under this Agreement shall be settled by arbitration in _________________ before a single arbitrator pursuant to the commercial law rules of the American Arbitration Association. Arbitration may be commenced at any time by any party hereto giving written notice to the other party to a dispute that such dispute has been referred to arbitration. Any award rendered by the arbitrator shall be conclusive and binding upon the parties hereto.
This provision for arbitration shall be specifically enforceable by the parties and the decision of the arbitrator in accordance herewith shall be final and binding without right of appeal.
If any provision of this Agreement shall be held to be illegal, invalid or unenforceable under present or future laws, such provisions shall be fully severable, this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement; and, the remaining provisions of this Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have signed this Agreement as of the date first set forth above.
Name: ________________________ Name: __________________________
Title:____________________________¬¬¬¬¬¬¬¬¬¬¬¬¬¬ Title: ___________________________
Date: ____________________________ Date: ____________________________