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An installment purchase agreement is a contract where a seller will let a buyer incrementally pay for a property or asset. If the buyer cannot purchase the asset all at once, they can seek out consent from the seller to split up the payments into installments.
These types of agreements may be involved with purchases such as real estate or cars. Installment purchase agreements typically cover the purchase price, agreed-upon installment or payment schedule, and interest accrual that may occur. In addition, an installment purchase agreement can benefit a seller by having them defer tax obligations for future tax periods because the payments they receive are broken up over time.
Below is a list of common sections included in Installment Purchase Agreements. These sections are linked to the below sample agreement for you to explore.
INSTALLMENT PAYMENT AGREEMENT
This Installment Payment Agreement (the “ Agreement ”) is entered into as of July 3, 2014 (the “ Initial Payment Date ”), by and among China Carbon Graphite Group, Inc., a Nevada corporation (the “ Company ”), and Dengyong Jin and Benhua Du (the “ Purchasers ”).
WHEREAS, the Company and the Purchasers are parties to that certain Asset Purchase Agreement dated as of June 10, 2014 (the “ Purchase Agreement ”), pursuant to which the Company agreed to sell to the Purchasers, and the Purchasers agreed to purchase from the Company, certain of the Company’s assets (the “ Transaction ”) for total consideration of RMB 10,000,000 (the “ Purchase Price ”) payable at the closing of the Transaction (the “ Closing ”), of which RMB 3,730,000 shall be paid by cash (the “ Cash Payment ”), and RMB 6,270,000 shall be paid by the cancellation of the Company’s obligation to repay RMB 6,270,000 due and owing to one of the Purchasers (the “ Indebtedness ”); and
WHEREAS, the Purchasers have requested to make the Cash Payment in installments, with the final installment to be paid concurrently with the Closing (the “ Request ”), which Request is acceptable to the Company upon the terms and conditions set forth in this Agreement.
NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements hereinafter contained, the undersigned parties to this Agreement hereby mutually agree to all of the following:
1. Payment by Installment . In consideration of the Company’s consent to the Request, the Purchasers shall pay the Purchase Price by installment payments (each an “ Installment ”) as follows:
(a) On or prior to the execution of this Agreement, the Purchasers shall pay the first Installment, which shall be comprised of a portion of the Cash Payment in the total amount of RMB 600,000, and the cancellation of the full amount of the Indebtedness by the execution of the Indebtedness Cancellation Agreement in the form and substance of Exhibit A attached hereto; and
(b) On or prior to July 25, 2014, the Purchasers shall pay the remaining portion of the Cash Payment in the amount of RMB 3,130,000 in one or more Installments, with the amount of each such Installment to be determined by the Purchasers.
2. Closing of the Transaction . The parties hereto agree that the Closing shall take place concurrently with the payment of the final Installment as provided under Section 1(b) hereof.
3. Interest . In the events that any portion of the Cash Payment is not paid by July 25, 2014, interest shall accrue at the rate of 10% per annum on the basis of a year of 365 days for the actual number of days elapsed between such date and the date of payment.
4. Binding Nature of Agreement . This Agreement shall be binding upon and inure to the benefits of the parties and their respective successors and assigns.
5. Law Governing . This Agreement shall be governed by and construed under the laws of the STATE OF NEVADA, REGARDLESS OF LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICT OF LAWS THEREOF.
6. Entire Agreement . This Agreement represents the entire agreement between the parties and has been entered into by each party with a full understanding of its terms, with an opportunity to consult with counsel and without inducement or duress. This Agreement may be amended only with the written consent of the parties. If any provision in this Agreement is found to be unenforceable, all other provisions will remain fully enforceable. This Agreement may be executed in counterparts, each of which shall be considered an original, but all of which together shall constitute one and the same instrument.
[Signature page follows]
IN WITNESS WHEREOF, the undersigned have executed this Agreement on the respective dates set forth below:
China Carbon Graphite Group, Inc.
Reference:
Security Exchange Commission - Edgar Database, EX-99.1 2 f8k070314ex99i_chinacarbon.htm INSTALLMENT PAYMENT AGREEMENT, Viewed October 19, 2021, View Source on SEC.
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In his firm, Talented Tenth Law, Antoine focuses on helping people maximize their protection and prosperity in the courtroom and the boardroom. His firm’s services include representing people in lawsuits involving breach of contract, many types of civil lawsuits and helping business owners win government contracts among other things.
Atilla Z. Baksay is a Colorado-based attorney practicing corporate and securities attorney. Atilla represents clients in the negotiation and drafting of transactional (e.g. master service, purchase and sale, license, IP, and SaaS agreements) and corporate (e.g. restricted stock transfers, stock options plans, convertible notes/SAFE/SAFT agreements, bylaws/operating agreements, loan agreements, personal guarantees, and security agreements) contracts, in-house documents (e.g. employment policies, separation agreements, employment/independent contractor/consultant agreements, NDAs, brokerage relationship policies, and office policy memoranda), and digital policies (e.g. terms of service, privacy policies, CCPA notices, and GDPR notices). Atilla also reviews, and issues legal opinions concerning, the security status of digital currencies and assets. Following law school, Atilla practiced international trade law at the Executive Office of the President, Office of the United States Trade Representative, where his practice spanned economic sanctions enacted against goods originating in the People’s Republic of China valued at $500 billion. Afterwards, Atilla joined a Colorado law firm practicing civil litigation, where the majority of his practice comprised of construction defect suits. Today, Atilla's practice spans all corporate matters for clients in Colorado and the District of Columbia.
Partnering with business clients to keep their greatest asset - their employees - from becoming their biggest liability. Mark accomplishes this by working with in-house counsel and human resource professionals of several Fortune 50 companies, as well as many smaller public and privately held profit and not for profit organizations, to provide advice and counsel on the day to day employment and workforce practice issues encountered by those organizations. For over fifteen years Mark has been Board Certified in Labor and Employment Law by the Texas Board of Legal Specialization. He is licensed and practices in both Texas and Colorado and has focused his practice for the last 20 plus years on defending companies in employment and labor related matters. During this time Mark has had extensive experience in handling and responding to a wide range of local, state and federal employment issues that impact the management and operations of businesses in a wide range of industries. Mark's experience includes appearances before state and federal agencies and regulatory boards, litigation in both state and federal courts, defense of class actions and appearances before courts of appeal. While Mark regularly handles matters in litigation, he has a high regard for handling every issue with the best interest of the client’s business. Mark is a published author and regular speaks on labor, employment and workplace practice topics. Whether it be an investigation by the Occupational Safety and Health Administration (OSHA), the Wage & Hour division of the U.S. Department of Labor, or other state agency; an Equal Employment Opportunity Commission (EEOC) or state agency charge claiming a violation of local, state or federal employment or labor laws; or the need for direction on a hiring, termination or business operational issue involving employees, Mark has extensive experience in handling these and many other employment and labor issues.
