The Financed Sales Contract is essential for transactions where buyers require financing to purchase significant assets or equipment. This document type is commonly used in India across various industries, particularly for high-value purchases such as industrial machinery, vehicles, or commercial equipment. It provides a legal framework that protects both the seller's interest in receiving payment and the buyer's interest in acquiring the asset through structured financing. The contract must comply with Indian contract law, including the Indian Contract Act 1872, Sale of Goods Act 1930, and relevant financial regulations. It typically includes detailed terms about the asset being sold, financing arrangements, security interests, repayment schedules, and default provisions. This type of agreement is particularly valuable when businesses or individuals need to acquire assets but prefer or require spread-out payments over time rather than a single lump-sum payment.
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1. Parties: Identification of seller, buyer, and financing party (if separate from seller)
2. Background: Context of the transaction, including the intent to sell with financing arrangements
3. Definitions: Key terms used throughout the agreement, including financial terms
4. Sale and Purchase: Core terms of the sale including description of goods/property and purchase price
5. Financing Terms: Detail of the financing arrangement including principal amount, interest rate, repayment schedule
6. Payment Terms: Structure of payments, including down payment, installments, and payment methods
7. Delivery and Acceptance: Terms regarding delivery, inspection, and acceptance of goods
8. Title and Risk: When and how title passes, retention of title provisions, risk allocation
9. Security Interest: Details of any security interest retained in the goods
10. Representations and Warranties: Standard and specific warranties from both parties
11. Events of Default: Circumstances constituting default and consequences
12. Remedies: Rights and remedies of parties in case of breach or default
13. General Terms: Standard boilerplate provisions including notices, amendments, governing law
1. Insurance: Required when goods need specific insurance coverage during financing period
2. Maintenance and Use: Include when goods require specific maintenance standards during financing period
3. Registration: Required when goods need formal registration (e.g., vehicles)
4. Third-Party Rights: Include when financing is provided by a third-party lender
5. Early Repayment: Include when early repayment options are offered
6. Assignment: Include when rights under the contract may be assigned
7. Force Majeure: Include for long-term financing arrangements or high-value goods
1. Schedule 1 - Description of Goods: Detailed specification of goods being sold
2. Schedule 2 - Payment Schedule: Detailed repayment schedule including dates and amounts
3. Schedule 3 - Delivery Schedule: If delivery is in installments or requires specific timing
4. Schedule 4 - Interest Calculation: Method and examples of interest calculation
5. Schedule 5 - Security Details: Details of any security interest or collateral
6. Appendix A - Condition Report: For used goods, documenting condition at time of sale
7. Appendix B - Maintenance Requirements: If specific maintenance is required during financing period
8. Appendix C - Insurance Requirements: Specific insurance requirements and terms
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Automotive
Heavy Equipment
Industrial Machinery
Construction
Agriculture
Technology Hardware
Commercial Real Estate
Retail
Healthcare Equipment
Renewable Energy
Relevant Teams
Legal
Finance
Sales
Credit
Commercial
Risk Management
Contract Administration
Business Development
Operations
Procurement
Relevant Roles
Legal Counsel
Finance Manager
Sales Director
Credit Manager
Commercial Director
Risk Manager
Contract Administrator
Business Development Manager
Financial Controller
Operations Manager
Procurement Manager
Asset Manager
Chief Financial Officer
General Counsel
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