The Installment Sale Agreement is a vital commercial document used in New Zealand when selling goods where the purchase price is paid through scheduled installments rather than as a single payment. This arrangement is common for high-value items such as vehicles, machinery, or equipment, where immediate full payment may not be practical for the purchaser. The agreement must comply with New Zealand's Credit Contracts and Consumer Finance Act 2003 and other relevant legislation, requiring specific disclosures and consumer protections. It typically includes comprehensive details about the goods, payment schedule, interest calculations, security interests, and risk allocation. This document is essential for businesses offering payment plans to customers while protecting their interests through title retention until full payment is received.
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1. Parties: Identification of seller and purchaser with full legal names and addresses
2. Background: Context of the agreement, including brief description of the transaction and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the goods, including description of goods
5. Purchase Price and Payment Terms: Total purchase price, deposit amount, installment amounts, payment schedule, and interest charges
6. Delivery and Risk: Terms for delivery of goods and transfer of risk
7. Title and Security Interest: Retention of title provisions until full payment and security interest details
8. Warranties and Representations: Warranties regarding the goods and representations by both parties
9. Default and Enforcement: Consequences of default and enforcement rights
10. General Provisions: Standard contract clauses including notices, amendments, governing law, and dispute resolution
1. Guarantor Provisions: Required when a third party guarantees the purchaser's obligations
2. Insurance: Required when specific insurance arrangements need to be maintained
3. Maintenance and Use: Include when goods require specific maintenance or have usage restrictions
4. Early Payment Provisions: Include when early payment options or discounts are offered
5. Return or Exchange: Include for specific goods where return or exchange options are provided
6. Installation: Required when goods need professional installation or setup
1. Schedule 1 - Goods Description: Detailed description of goods including specifications, condition, and serial numbers
2. Schedule 2 - Payment Schedule: Detailed breakdown of installment payments including dates, amounts, and interest calculations
3. Schedule 3 - Disclosure Statement: Mandatory disclosure information required under the Credit Contracts and Consumer Finance Act
4. Schedule 4 - Delivery Details: Specific delivery instructions, locations, and timeframes
5. Schedule 5 - Warranty Terms: Detailed warranty terms and conditions
6. Appendix A - Condition Report: If applicable, detailed condition report of goods at time of sale
Relevant legal definitions
Clauses
Relevant Industries
Retail
Automotive
Manufacturing
Construction
Industrial Equipment
Consumer Goods
Agriculture
Technology
Furniture and Appliances
Marine
Relevant Teams
Legal
Finance
Sales
Compliance
Credit Control
Operations
Risk Management
Commercial
Collections
Customer Service
Relevant Roles
Sales Manager
Credit Controller
Legal Counsel
Finance Manager
Commercial Director
Contracts Administrator
Risk Manager
Compliance Officer
Business Development Manager
Operations Manager
Credit Analyst
Account Executive
Collections Manager
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