The Contract to Sell Installment Payment is designed for transactions where goods are sold with the purchase price paid over time through scheduled installments. This document type is particularly relevant in Canada, where it must comply with both federal legislation (such as the Interest Act and Criminal Code provisions on interest rates) and provincial regulations (including the Consumer Protection Act and Personal Property Security Act). The agreement is commonly used for significant purchases in both business-to-business and business-to-consumer contexts, providing a structured framework for installment sales while protecting the interests of both parties. It includes essential elements such as payment terms, security interests, title transfer conditions, and default remedies, all tailored to meet Canadian legal requirements. This type of contract is particularly important when sellers wish to maintain security interest in the goods until full payment is received, requiring careful attention to PPSA registration and compliance.
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1. Parties: Identifies and provides full details of the seller and buyer
2. Background: Establishes the context of the sale and the parties' intention to enter into an installment payment arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Sale and Purchase: Details the property being sold and the agreement to sell/purchase
5. Purchase Price: Specifies the total purchase price and breakdown of costs
6. Payment Terms: Details the installment payment structure, including down payment, number of installments, payment amounts, and due dates
7. Interest Rate: Specifies the interest rate applied to the installment payments and how it's calculated
8. Title and Risk: Addresses when title passes to the buyer and who bears risk during the payment period
9. Security Interest: Details the seller's security interest in the property until full payment
10. Buyer's Covenants: Lists the buyer's obligations including maintenance, insurance, and use restrictions
11. Default and Remedies: Specifies what constitutes default and the available remedies
12. Notices: Details how formal communications between parties should be made
13. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and amendments
1. Property Insurance: Required when the property needs specific insurance coverage during the payment period
2. Assignment: Include when either party may need to transfer their rights under the agreement
3. Early Payment Provisions: Include when early payment options or discounts are offered
4. Co-signer Obligations: Required when a co-signer or guarantor is involved
5. Maintenance and Repairs: Include for sales of equipment or vehicles requiring specific maintenance
6. Use Restrictions: Include when there are specific restrictions on how the property can be used
7. Cross-Collateralization: Include when the security interest extends to other property
8. Export Restrictions: Include for goods that have export restrictions or international use limitations
1. Schedule A - Property Description: Detailed description of the property being sold, including serial numbers, specifications, or other identifying information
2. Schedule B - Payment Schedule: Detailed breakdown of all payments, including dates, amounts, and allocation between principal and interest
3. Schedule C - Delivery Details: Specifics about property delivery or pickup arrangements
4. Schedule D - Condition Report: Documentation of the property's condition at time of sale
5. Schedule E - Warranty Details: Details of any warranties or guarantees included with the sale
6. Appendix 1 - Insurance Requirements: Specific insurance requirements and minimum coverage amounts
7. Appendix 2 - Maintenance Schedule: Required maintenance schedule and procedures, if applicable
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