Do you sell goods on credit and allow your customers to pay in installments? Secure the outstanding balance on their account with this Installment Promissory Note for Purchase of Goods.
- The maker of the Note (customer) agrees to repay the secured amount by a series of installment payments against the principal and interest due under the Note.
- The supplier (holder of the Note) retains title to the goods until the balance is completely paid.
- The holder has the right to assign the Note to a third party.
This Installment Promissory Note for Purchase of Goods form is provided in MS Word format, and is fully editable to fit your circumstances.
We’ve Got It! www.megadox.com PROMISSORY INSTALLMENT NOTE FOR PURCHASE OF GOODS PRINCIPAL: $[principal amount] (the “Principal”) DATE: [date] 1. FOR VALUE RECEIVEDTerms of Note: For value received, [Name(s) of Formatted: Bullets and Numbering promissorParty(ie(s) making the note] (the “Maker”) [if more than one: jointly and severally] promise to pay to [Name of Lender / Note Hholder] (the “HolderPayee”), or order, at the City of [city], in the [State/Province] of [state/province], the above-noted Principal, together with interest thereon or so much thereof as shall from time to time remain unpaid at the rate of [INTEREST RATE] (___%) PER CENT per annumyear, as well after as before maturity and both before and after default, by way of monthly instalments (the “Instalments”), commencing the _____ day of ______________, _______ and continuing thereafter on the ____ day of each and every month in each and every year thereafter until the earlier of [due date] and the date that this Promissory Note is paid in full, each of the Instalments to be in the minimum amount of [minimum amount]. In the event that any Instalments are not paid, in whole or in part, within thirty (30) days of the date when such Instalment is due, then, at the option of the Holder hereof, the entire outstanding amount of the Principal shall become wholly due and payable UPON DEMANDin installments as follows: ________ monthly installments of $###.## each, to be made on the ______ day of each and every month, commencing on [insert first payment date] and. ending on [insert last payment date] 2. Sale of Goods: This note is given for the purchase of [insert description of the goods Formatted: Bullets and Numbering being purchased] (hereinafter referred to as the “Goods”). 3. Title & Security Interest: Title to the Goods shall remain with the Payee of this Note until all of the installments hereunder are paid in full. The Payee is hereby granted a security interest in all of the Goods to secure the prompt compliance of the Maker in performing all of its obligations under this Note. 4. Acceleration, Repossession: If there is any default in the payment of any installment of principal or interest under this Note, or if there is a sale or attempted sale of all or any portion of the Goods, or if there is a removal or attempted removal of all or any portion of the Goods from [name of state or province in which the goods are located], or if any other event occurs which causes the Payee to deem itself insecure, the Payee shall have the option to declare all of the unpaid installments of this note due and payable at once, and the Payee shall have the right to repossess the Goods. 5. Preservation of Goods: The Maker shall insure the Goods for [insert amount(s) and type(s) of insurance to be carried] with a company acceptable to the Payee, and the Maker shall comply with all requirements of the Payee to preserve the Goods. -2- 6. Waiver: Failure on the part of the Payee to exercise any option on the occurrence of a default under this Note shall not operate to bar the right of the Payee to exercise the option on any subsequent default. 7. Interest: The Maker shall not be required to pay and the Payee shall not be permitted to collect interest in excess of the maximum permitted by the law applicable to this transaction. If any excess of interest is provided for in this Note or has been collected under this Note, the Maker shall not pay
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