Installment Equipment Sales Agreement

Document Sample
Installment Equipment Sales Agreement Powered By Docstoc
					An Installment Equipment Agreement is an agreement between two parties whereby
one party contracts the services of the other for the purposes of installing equipment
pursuant to certain terms and conditions. This document in its draft form contains
numerous of the standard clauses commonly used in these types of agreements;
however, additional language may be added allowing customization to ensure the
specific terms of the parties' agreement are addressed. Use this agreement when a
buyer purchases goods from a seller, and wants the seller to install those goods.
         INSTALLMENT EQUIPMENT SALE AGREEMENT

        This Installment Equipment Sale Agreement (this “Agreement”) is hereby entered into on
this _____ day of _____________, _______ by and between ___________________ [NAME
OF SELLER] (“Seller”) and ____________________ [NAME OF PURCHASER] (“Purchaser”)
at times collectively referred to herein as the “Parties” and individually as “Party.”

THE PARTIES HERETO HEREBY AGREE AS FOLLOWS:

1.00   SALE OF EQUIPMENT

1.01 Seller shall sell to Purchaser and Purchaser hereby agrees to purchase from Seller, the
equipment listed in Schedule “A” attached hereto (the “Equipment”).

2.00   PURCHASE PRICE

2.01 Seller and Purchaser hereby agree that the purchase price for the Equipment shall be the
sum of _____________________ [AMOUNT IN WORDS] dollars ($_________ [AMOUNT IN
NUMERALS]) (the “Purchase Price”).

2.02 Purchaser hereby agrees to pay to Seller the Purchase Price for the Equipment upon the
execution of this Agreement, by way of certified check, money order, bank draft, wire transfer,
or direct deposit into Seller’s bank account or by such other means as Seller and Purchaser may
agree in writing.

3.00   DELIVERY OF EQUIPMENT BY SELLER

3.01 Seller shall deliver the Equipment to Purchaser on the _____ day of _____________,
_______ (the “Delivery Date”) at Purchaser’s principal place of business or at such other
location as Purchaser may specify in writing to Seller.

3.02 Until all payments due and owing to Seller have been paid in full by Purchaser, Seller
shall retain a security interest in the Equipment, parts, accessories, and attachments affixed to or
used in connection with the Equipment.

3.03 Purchaser hereby agrees that it shall insure the Equipment against all hazards in form and
in amounts with an insurer satisfactory to Seller. If Purchaser fails to obtain such insurance
coverage, Seller shall have the right to obtain such insurance at Purchaser’s expense and
Purchaser shall assign to Seller all right to receive the proceeds of the insurance, which shall not
exceed any unpaid balance owing to Seller.

3.04 Purchaser hereby agrees that it shall keep the Equipment in good condition and in a good
state of repair, free and clear from any liens, encumbrances, or any other security interests, and
will pay all taxes or assessment associated with Purchaser’s use of the Equipment. Purchaser
hereby further agrees that it shall not use the Equipment for any illegal use and shall not dispose
of the Equipment or remove the Equipment from the premises of Purchaser without the prior
written consent of Seller.

3.05 Upon payment of all amounts due and owing to Seller, Seller shall, within ________
[AMOUNT IN WORDS] (____ [AMOUNT IN NUMERALS]) days’ of receiving such final
payment from Purchaser, discharge any and all security interests Seller may have or has in the
Equipment.

4.00    INDEMNIFICATION

4.01 Seller shall indemnify and hold Purchaser harmless, to the fullest extent allowed by law,
from any and all claims that the Equipment may infringe a third party’s copyright or patent.

4.02 Purchaser hereby agrees that it shall notify Seller of any third-party claim within ______
[AMOUNT IN WORDS] (___ [AMOUNT IN NUMERALS]) days of Purchaser learning of
such claim and Purchaser further acknowledges that Seller shall have the sole discretion and
control of the defense of any and all third-party claims and all related settlement negotiations.

4.03 Purchaser hereby acknowledges and agrees that it shall indemnify and hold Seller
harmless, to the fullest extent allowed by law, from any liability for any third-party claims of
infringement based on Purchaser’s use of the Equipment.

5.00    REPRESENTATIONS AND WARRANTIES

5.01 Seller hereby represents and warrants to Purchaser that the Equipment shall be free and
clear from any material defects, save and except for the proper installation, operation, and
maintenance of the Equipment by Purchaser.

5.02 Any warranty claims that may be made by Purchaser shall be made within ______
[AMOUNT IN WORDS] (___ [AMOUNT IN NUMERALS]) days of Purchaser becoming
aware of any defect in the Equipment and Seller shall repair, replace, or correct any such defect
in the Equipment present at the time of delivery of the Equipment to Purchaser or shall remove
the defective Equipment and refund the Purchase Price to Purchaser.

5.03 The representations and warranties of Seller shall commence on the Delivery Date and
shall continue for a period of ______ [AMOUNT IN WORDS] (___ [AMOUNT IN
NUME
				
DOCUMENT INFO
Description: An Installment Equipment Agreement is an agreement between two parties whereby one party contracts the services of the other for the purposes of installing equipment pursuant to certain terms and conditions. This document in its draft form contains numerous of the standard clauses commonly used in these types of agreements; however, additional language may be added allowing customization to ensure the specific terms of the parties' agreement are addressed. Use this agreement when a buyer purchases goods from a seller, and wants the seller to install those goods.