This Installment Agreement template is designed for use in New Zealand business and consumer transactions where parties wish to establish a formal arrangement for payment in regular installments. The document is particularly relevant when selling goods or services of significant value, where immediate full payment is not practical or desired. The agreement complies with New Zealand contract law and consumer protection legislation, incorporating necessary provisions for credit arrangements and fair trading practices. The Installment Agreement includes essential terms regarding payment schedule, interest rates, default procedures, and security interests (if applicable), while maintaining flexibility to accommodate various commercial and consumer scenarios. It is structured to protect both parties' interests while ensuring clarity in payment obligations and consequences of default.
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1. Parties: Identification and details of all parties to the agreement
2. Background: Context of the agreement, including the purpose and basis for the installment arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Payment Terms: Details of the total amount, installment amounts, payment frequency, and payment methods
5. Payment Schedule: Specific dates or intervals for payments and the amount of each installment
6. Default and Remedies: Consequences of missing payments and available remedies
7. Interest and Fees: Any applicable interest rates and additional fees
8. Term and Termination: Duration of the agreement and circumstances for early termination
9. Notices: How formal communications between parties should be made
10. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and amendments
1. Security: Include when the installment agreement is secured by collateral or personal property
2. Insurance Requirements: Include when the underlying asset requires insurance coverage
3. Early Payment Provisions: Include when early payment discounts or penalties apply
4. Assignment: Include when either party may need to transfer rights under the agreement
5. Guarantor Provisions: Include when a guarantor is required to secure the payments
6. Dispute Resolution: Include detailed dispute resolution procedures for high-value agreements
7. Force Majeure: Include for long-term installment agreements where external events might affect payment ability
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Asset Details: Description of any assets related to the installment agreement
3. Schedule 3 - Security Details: Details of any security or collateral provided
4. Appendix A - Direct Debit Authority: Form for setting up automatic payments
5. Appendix B - Guarantor Agreement: Additional agreement if a guarantor is involved
6. Appendix C - Statement of Account: Initial statement showing total amount owed and payment schedule
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