The Contract For Installment Payments is essential for businesses and individuals in New Zealand who need to structure payment arrangements over time. This document is commonly used when the full payment amount cannot or should not be paid as a single sum, such as in large purchases, service contracts, or business-to-business arrangements. It must comply with New Zealand's consumer protection and credit laws, particularly the Credit Contracts and Consumer Finance Act 2003. The contract includes detailed payment schedules, interest calculations, default provisions, and security arrangements where applicable. It's designed to protect both the payee's right to receive payment and the payer's consumer rights, while providing clear remedies in case of default.
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1. Parties: Identifies and provides full details of all parties to the agreement
2. Background: Sets out the context and purpose of the installment payment arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Payment Terms: Details the total amount payable, installment amounts, payment dates, and payment methods
5. Default and Remedies: Specifies what constitutes default and the consequences, including acceleration clauses and recovery rights
6. Interest and Fees: Outlines any interest charges, late payment fees, and other applicable charges
7. Representations and Warranties: Standard declarations by both parties about their capacity and authority to enter the agreement
8. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
9. Notices: How formal communications between parties should be made and delivered
10. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and amendment procedures
1. Security Interest: Required when the installment payments are secured against specific assets or property
2. Personal Guarantee: Used when a third party guarantees the payment obligations
3. Insurance Requirements: Necessary when the underlying asset needs to be insured during the payment period
4. Early Payment Provisions: Details terms for early repayment, including any applicable discounts or penalties
5. Assignment and Transfer: Include when either party may need to transfer their rights or obligations
6. Dispute Resolution: Detailed dispute resolution procedures beyond standard court jurisdiction
7. Force Majeure: Include for longer-term payment arrangements where external events might affect payment ability
1. Payment Schedule: Detailed breakdown of payment amounts, dates, and running balances
2. Asset Schedule: Description of any assets subject to security interest or related to the payment arrangement
3. Fee Schedule: Comprehensive list of all applicable fees, charges, and interest rates
4. Direct Debit Authority: Standard form for automatic payment setup if applicable
5. Guarantee Form: Standard form of guarantee when personal guarantees are required
6. Credit Check Authorization: Standard form for credit check authorization if required
Relevant legal definitions
Agreement
Business Day
Commencement Date
Confidential Information
Default Event
Default Interest Rate
Default Notice
Due Date
Early Payment
Effective Date
Fees
Final Payment Date
Force Majeure Event
GST
Initial Payment
Installment Amount
Installment Payment
Installment Period
Interest Rate
Late Payment Fee
Outstanding Balance
Payment Date
Payment Schedule
Permitted Purpose
Principal Amount
Purchase Price
Related Entity
Repayment Schedule
Security Interest
Term
Total Amount Payable
Working Day
Business Day
Commencement Date
Confidential Information
Default Event
Default Interest Rate
Default Notice
Due Date
Early Payment
Effective Date
Fees
Final Payment Date
Force Majeure Event
GST
Initial Payment
Installment Amount
Installment Payment
Installment Period
Interest Rate
Late Payment Fee
Outstanding Balance
Payment Date
Payment Schedule
Permitted Purpose
Principal Amount
Purchase Price
Related Entity
Repayment Schedule
Security Interest
Term
Total Amount Payable
Working Day
Clauses
Payment Terms
Interest
Default
Security
Representations and Warranties
Guarantee
Assignment
Termination
Force Majeure
Notices
Confidentiality
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendment
Waiver
Set-off
Costs and Expenses
GST and Taxes
Further Assurance
Counterparts
Electronic Execution
Time of Essence
Relationship of Parties
Interest
Default
Security
Representations and Warranties
Guarantee
Assignment
Termination
Force Majeure
Notices
Confidentiality
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendment
Waiver
Set-off
Costs and Expenses
GST and Taxes
Further Assurance
Counterparts
Electronic Execution
Time of Essence
Relationship of Parties
Relevant Industries
Retail
Manufacturing
Construction
Professional Services
Technology
Automotive
Real Estate
Education
Healthcare
Equipment Leasing
Financial Services
Relevant Teams
Legal
Finance
Sales
Credit Control
Collections
Compliance
Commercial
Risk Management
Customer Service
Operations
Relevant Roles
Finance Manager
Credit Controller
Legal Counsel
Contract Administrator
Sales Manager
Account Manager
Credit Risk Analyst
Collections Officer
Commercial Manager
Business Development Manager
Financial Controller
Compliance Officer
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