The Seller's Finance Agreement is utilized in South African business transactions where traditional financing through financial institutions is either not preferred or not available. This document type is particularly relevant when sellers have the capacity to offer direct financing to purchasers, often used in equipment sales, asset disposals, or property transactions. The agreement must comply with the National Credit Act and other relevant South African legislation, making it a complex document that requires careful drafting to ensure all regulatory requirements are met. It typically includes comprehensive details about the asset being sold, financing terms, security arrangements, and risk allocation between parties. The Seller's Finance Agreement is especially valuable in business-to-business transactions where customized financing solutions are needed, though it can also be used in consumer transactions with appropriate regulatory compliance measures.
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1. Parties: Identification and details of the Seller and Purchaser, including registration numbers for companies or ID numbers for individuals
2. Background: Context of the transaction, including description of the asset being sold and the agreement to provide financing
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Sale Agreement: Core terms of the sale including description of goods/property and agreed purchase price
5. Finance Terms: Details of the financing arrangement including principal amount, interest rate, payment terms and schedule
6. Security Arrangements: Details of any security or collateral provided for the finance agreement
7. Payment Terms: Specific provisions regarding method, timing and allocation of payments
8. Default and Remedies: Consequences of default and available remedies for both parties
9. Risk and Insurance: Allocation of risk and required insurance arrangements
10. Warranties and Representations: Standard warranties and representations from both parties
11. General Terms: Standard contractual provisions including notices, amendments, governing law
1. Early Settlement: Terms for early repayment of the finance amount, include if early settlement is permitted
2. Transfer and Assignment: Rights to transfer or assign the agreement, include if transfers are contemplated
3. Additional Security: Terms for additional security arrangements, include if multiple forms of security are required
4. Special Conditions: Any special terms or conditions specific to the transaction
5. Co-signers or Guarantors: Terms relating to guarantors or co-signers, include if third-party guarantees are required
6. Asset Maintenance: Requirements for maintenance of financed assets, include for valuable or depreciating assets
7. Cross-Default: Cross-default provisions with other agreements, include for complex financing arrangements
1. Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and interest calculations
2. Asset Description: Detailed description of the asset(s) being financed including specifications and condition
3. Security Details: Detailed description of security or collateral provided
4. Insurance Requirements: Specific insurance requirements and minimum coverage levels
5. Disclosure Statement: National Credit Act mandatory disclosure statement
6. Financial Information: Relevant financial information of the parties as required by credit legislation
7. Condition Report: Detailed condition report of assets (if applicable)
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Agriculture
Mining
Construction
Automotive
Industrial Equipment
Real Estate
Technology
Renewable Energy
Heavy Machinery
Transportation
Medical Equipment
Relevant Teams
Legal
Finance
Sales
Risk Management
Compliance
Treasury
Commercial
Credit
Business Development
Operations
Relevant Roles
Commercial Director
Finance Manager
Credit Manager
Legal Counsel
Sales Director
Business Development Manager
Risk Manager
Compliance Officer
Contract Administrator
Chief Financial Officer
Asset Manager
Treasury Manager
Credit Risk Officer
Commercial Manager
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