The Retail Installment Contract And Security Agreement is essential for businesses operating in England and Wales that offer goods on credit to consumers. This document serves dual purposes: it establishes the terms of sale and payment schedule while creating a security interest in the sold goods. It's particularly relevant when selling high-value items where the seller wishes to maintain a security interest until full payment is received. The agreement must comply with the Consumer Credit Act 1974 and includes detailed information about the goods, payment terms, interest rates, default provisions, and the rights and obligations of both parties.
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1. Parties: Identification of seller/creditor and buyer/debtor including full legal names, addresses, and registration details if applicable
2. Background: Context of the transaction and purpose of the retail installment agreement
3. Definitions: Key terms used throughout the agreement including financial terms, parties' designations, and technical terminology
4. Description of Goods: Detailed specification of items being sold including make, model, serial numbers, and condition
5. Purchase Price and Payment Terms: Total amount, installment schedule, interest rates, payment methods and dates
6. Security Interest: Details of security arrangement, collateral, and rights of the creditor
7. Default Provisions: Consequences of payment default, acceleration clauses, and remedies available to creditor
8. Representations and Warranties: Statements of fact by both parties regarding their capacity, authority, and goods condition
9. General Terms: Standard contractual provisions including notices, amendments, governing law, and jurisdiction
1. Insurance Requirements: Specifies insurance obligations for the goods, applicable when dealing with high-value items or specific risk factors
2. Maintenance Requirements: Details specific care and maintenance obligations for the goods, relevant for complex or valuable equipment
3. Early Payment Provisions: Terms and conditions for early repayment, including any applicable penalties or discounts
4. Assignment Rights: Terms governing the ability to transfer or assign rights under the agreement
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates, amounts, and interest calculations
2. Schedule 2 - Goods Specification: Detailed technical specifications and descriptions of the goods being sold
3. Schedule 3 - Condition Report: Documentation of the initial condition of goods if pre-used or refurbished
4. Schedule 4 - Insurance Requirements: Specific insurance requirements and certificates where applicable
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