Docstoc Legal Agreements
This Installment Sale and Security Agreement is between a buyer and seller of goods and
gives the buyer the option of paying in installments. It contains the material terms and
conditions of the agreement including the amount of the installment payments, the buyer's
duty to obtain insurance, and provisions relating to default. This agreement ensures that
the unpaid balance remains in full force and effect until fully paid. Under this agreement,
the seller retains a security interest in the goods until all installment payments and other
amounts due have been paid. This document should be utilized by sellers or buyers of
goods located in Maine when using an installment arrangement.
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INSTALLMENT SALE AND SECURITY AGREEMENT
This Agreement (“Agreement”) is made this ____ [Month] ____ [Date], 20____ between
______________________________ [Instruction: Insert the name of seller] located at
[Instruction: Insert the address of seller] (hereinafter referred to as “Seller”) and
______________________________ [Instruction: Insert the name of buyer] located at
[Instruction: Insert the address of buyer] (hereinafter referred to as “Buyer”), designated
below by their signatures and seals. Seller and Buyer may individually be referred as “Party” and
collectively as the “Parties”.
1. Payment: Seller sells Buyer the goods as described in Exhibit A attached hereto upon the
terms set forth below. Buyer, given the choice of paying the net price set forth below or the
time price in any installments as set forth below, agrees to pay same to Seller or its assigns at
its offices at the address shown above or at any other address which Seller may direct in
writing delivered to Buyer. It is agreed that the agreements, whether one or more, existing
between Seller and Buyer, having an unpaid balance of ________ ($___) [◊ Instruction:
Insert the old balance amount, e.g., fifty dollars ($50)], shall remain in full force and
effect, that Seller's security interest in the goods sold under them shall remain in place and
perfected, and that as to the contract evidenced by this Agreement, Buyer shall make
payments in the amount and for the period set forth below until the total time balance as set
forth has been paid.
Payable in ____ (__) [Instruction: Insert the installment period, e.g., fifteen (15)]
consecutive installments of ________ ($___) [◊ Instruction: Insert the amount, e.g., five
dollars ($5)] each, except the last installment shall be the balance due.
First installment due ____ [Month] ____ [Date], 20____.
Upon a default in the contract evidenced by this Agreement, the existing contract shall be
deemed to be in default.
2. Warranties: No representation or statements have been made by Seller concerning the goods
except as stated in this Agreement, and no warranty, express or implied, by Seller arises apart
from this writing. Buyer warrants that any property offered in trade for the goods is free from
any lien, claim, and encumbrance or security interest.
3. Fees: Buyer will pay all costs of filing this Agreement or any financing or termination
statement with respect to the goods, and appoints Buyer's attorney-in-fact to do whatever
Seller may deem necessary to perfect or continue perfecting its security interest in the goods.
4. Retention of security interest: Until all installment payments, and all other amounts due
under this Agreement, have been paid, Seller shall retain a security interest in the goods and
any and all equipment, parts, accessories, attachments, additions, and other goods, and all
replacements of them, installed in, affixed to or used in connection with the goods and, if
Buyer sells or otherwise disposes of the goods in violation of the terms of this Agreement, in
the proceeds of such sale or disposition.
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5. Insurance: Buyer will insure the goods against all hazards in f