A Credit Sale Agreement is commonly used in England and Wales when selling goods where the buyer wishes to pay in installments but receive immediate ownership. Unlike hire purchase arrangements, title passes immediately to the buyer upon signing. The agreement must comply with the Consumer Credit Act 1974 and related regulations, including mandatory information requirements and cooling-off periods. It typically includes detailed payment schedules, interest calculations, default provisions, and both parties' rights and obligations. This type of agreement is particularly useful for retail sales, vehicle purchases, and other significant consumer transactions where immediate ownership is desired but full payment isn't immediately possible.
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1. Parties: Details of the seller and buyer
2. Background: Context of the agreement and basic transaction structure
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core terms of the sale including price and payment structure
5. Payment Terms: Credit details, interest rates, payment schedule
6. Title and Risk: When title passes and risk allocation
7. Warranties: Standard warranties regarding goods and seller authority
8. Default and Termination: Consequences of default and termination rights
1. Insurance: Insurance requirements for goods - include for high-value goods or where specific insurance is required
2. Security: Additional security arrangements - include for high-value transactions or higher-risk buyers
3. Maintenance: Maintenance obligations for goods - include for complex equipment or long-term agreements
1. Schedule 1 - Description of Goods: Detailed specification of goods being sold
2. Schedule 2 - Payment Schedule: Detailed payment terms including dates and amounts
3. Schedule 3 - Form of Notice of Cancellation: Statutory cancellation notice as required by CCA 1974
4. Appendix 1 - Pre-contract Information: Mandatory pre-contract information under CCA 1974
Relevant legal definitions
Agreement
Business Day
Buyer
Completion
Completion Date
Conditions
Credit Period
Default Rate
Delivery
Delivery Date
Deposit
Effective Date
Encumbrance
Event of Default
Finance Charge
Goods
Installment
Interest Rate
Late Payment Fee
Laws
Outstanding Balance
Payment Date
Payment Schedule
Purchase Price
Regulatory Requirements
Relevant Interest
Repayment Schedule
Seller
Specification
Term
Title
Total Amount Payable
Transaction Documents
Warranties
Business Day
Buyer
Completion
Completion Date
Conditions
Credit Period
Default Rate
Delivery
Delivery Date
Deposit
Effective Date
Encumbrance
Event of Default
Finance Charge
Goods
Installment
Interest Rate
Late Payment Fee
Laws
Outstanding Balance
Payment Date
Payment Schedule
Purchase Price
Regulatory Requirements
Relevant Interest
Repayment Schedule
Seller
Specification
Term
Title
Total Amount Payable
Transaction Documents
Warranties
Clauses
Interpretation
Sale and Purchase
Purchase Price
Payment Terms
Credit Terms
Interest
Delivery
Title and Risk
Security Interest
Warranties
Representations
Insurance
Default
Termination
Remedies
Force Majeure
Assignment
Notices
Confidentiality
Data Protection
Entire Agreement
Variation
Waiver
Severability
Third Party Rights
Costs
Governing Law
Jurisdiction
Cooling-off Rights
Early Repayment
Default Interest
Set-off
Further Assurance
Sale and Purchase
Purchase Price
Payment Terms
Credit Terms
Interest
Delivery
Title and Risk
Security Interest
Warranties
Representations
Insurance
Default
Termination
Remedies
Force Majeure
Assignment
Notices
Confidentiality
Data Protection
Entire Agreement
Variation
Waiver
Severability
Third Party Rights
Costs
Governing Law
Jurisdiction
Cooling-off Rights
Early Repayment
Default Interest
Set-off
Further Assurance
Relevant Industries
Relevant Teams
Relevant Roles
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