This document serves as an Installment Contract for use in New Zealand business transactions where goods or services are purchased through scheduled payments over time. It is particularly suited for high-value transactions where immediate full payment is not practical or desired. The contract incorporates essential elements required by New Zealand law, including compliance with the Credit Contracts and Consumer Finance Act 2003 and the Contract and Commercial Law Act 2017. It provides comprehensive coverage of payment terms, security interests, default provisions, and remedies while protecting both parties' interests. The Installment Contract is structured to accommodate various business scenarios and can be customized based on specific transaction requirements, whether for business-to-business or business-to-consumer arrangements.
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1. Parties: Identifies and defines all parties to the contract, including their legal names, addresses, and any registration numbers
2. Background: Sets out the context and purpose of the agreement, including the intent to enter into an installment arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpretation
4. Purchase Price and Payment Terms: Specifies the total purchase price, installment amounts, payment schedule, and payment methods
5. Delivery and Transfer of Title: Details when and how the goods/services will be delivered and when title passes to the purchaser
6. Interest and Late Payment: Specifies interest rates, late payment fees, and consequences of default in accordance with NZ law
7. Security Interest: Establishes security interest in the goods until full payment is received
8. Warranties and Representations: Sets out warranties regarding the goods/services and representations made by both parties
9. Default and Remedies: Defines events of default and available remedies, including repossession rights
10. Termination: Specifies conditions under which the agreement can be terminated and the consequences
11. General Provisions: Includes standard clauses such as notices, amendments, governing law, and dispute resolution
1. Insurance: Required when the goods need to be insured during the installment period
2. Maintenance and Use: Included when there are specific requirements for maintaining or using the goods during the payment period
3. Assignment and Transfer: Added when either party needs the right to assign the contract to third parties
4. Guarantees: Required when a third party guarantees the purchaser's obligations
5. Early Payment Provisions: Included when early payment options and associated discounts are offered
6. Consumer Guarantees: Required when the purchaser is a consumer under NZ consumer protection laws
1. Schedule 1 - Payment Schedule: Detailed breakdown of installment amounts, due dates, and payment terms
2. Schedule 2 - Description of Goods/Services: Detailed specification of the goods or services being purchased
3. Schedule 3 - Delivery Schedule: Specific delivery dates and locations if applicable
4. Schedule 4 - Interest Rate Calculations: Detailed explanation of interest calculations and adjustments
5. Appendix A - Credit Check Authorization: Required forms and authorizations for credit checks
6. Appendix B - Guarantee Form: Standard form of guarantee when third-party guarantors are involved
Authors
Relevant legal definitions
Clauses
Relevant Industries
Retail
Automotive
Construction
Manufacturing
Technology
Furniture and Appliances
Industrial Equipment
Agricultural Equipment
Professional Services
Education
Relevant Teams
Legal
Finance
Sales
Procurement
Operations
Risk Management
Compliance
Credit Control
Commercial Operations
Business Development
Relevant Roles
Commercial Manager
Finance Manager
Credit Controller
Sales Director
Procurement Manager
Contract Administrator
Legal Counsel
Risk Manager
Business Development Manager
Operations Manager
Chief Financial Officer
Account Executive
Compliance Officer
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