Credit Agreement Time Payment

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Credit Agreement - Time Payment for use by a business who extends credit to a customer over time. This agreement sets forth all terms and the interest rate which will accrue if payment is not timely received.

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This Credit Agreement - Time Payment is between a business and a customer who agrees to pay for purchases before a designated date in the future (otherwise the customer will incur financing charges). This agreement sets out all relevant terms including definition of the sales price, how finance charges are incurred and minimum payments due on certain balances. It also specifies that if customer defaults under the terms of the agreement that the entire balance becomes due and payable.

This Credit Agreement - Time Payment includes:
  • Agreement to Pay: Customer agrees to pay the time sale price charged to the account, which includes the cash sale price plus sales tax, delivery charges and any finance charges;
  • Finance Charges: Finance charges are computed by applying a monthly periodic rate to the average daily balance;
  • Payments: Sets forth the minimum payment due on balances;
  • Security Interest/Amendment: Business will have no security agreement in products purchased but has the right to amend this agreement upon written notice of intended change;
  • Default: Business has the right to demand full payment of the entire balance if customer defaults under the terms of this agreement;
  • Credit Information: Business may investigate customer's credit history and has the right to report information about the account to credit reporting agencies;
  • Signatures: This agreement must be signed by the customer.

Protect yourself and your rights by using our attorney-prepared forms.

This attorney-prepared packet contains:
  1. General Information
  2. Instructions and Checklist
  3. Exclusive Building Management Agreement
State Law Compliance: This form complies with the laws of all states
Number of Pages6
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#43655
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
Credit Agreement
Time Payment


I agree that the following terms will govern any time payment account you may establish for my use.
1. I will pay the time sale price of purchases charged to my account. The time sale price shall consist of the cash sale price, including applicable sales taxes and delivery charges, if any, plus any finance charge that may accrue.
2. I can avoid incurring a finance charge by paying my account balance in full, provided that payment is actually received by you before the next billing date. If I do not pay the entire account balance, you may assess a finance charge computed on the “average daily balance” of my account. The average daily balance computation begins with any unpaid balance at the beginning of the billing period, minus unpaid finance charge and credits relating to purchases previously billed. This remaining amount is adjusted on a daily basis, to determine for each day in the billing period a daily balance, by subtracting payments received, after such payments have been first applied to any unpaid finance charge. The sum of these daily balances divided by the number of days in the billing period is the average daily balance for that period.
3. The finance charge for any billing period shall be computed by applying a monthly periodic rate of [percentage of monthly periodic rate]% (annual percentage rate [percentage of annual rate]%) to the average daily balance.
4. Whenever there is an outstanding balance in my account at the end of a billing period, I will make a payment on that account before the next billing date. That payment may be any amount up to and including the entire balance but not less than the monthly payment shown opposite my highest balance in the following schedule:
Minimum Payment
$[dollar amount of balance 1]
$[minimum payment 1]
$[dollar amount of balance 2]
$[minimum payment 2]
$[dollar amount of balance 3]
$[minimum payment 3]
5. You shall have no security interest under this agreement and you waive any security interest or lien arising by operation of law, such as mechanic's or materialman's liens. This provision does not apply to any judgment lien.
6. You have the right to amend this agreement as to purchases made after you have given me notice of the intended change. You may limit or terminate my time payment account privileges at any time without prior notice.
7. If I am in default under this agreement, my entire balance may, at your option, become due and payable. Your waiver of any default shall not operate as a waiver of any other default. If my account is referred for collection to an attorney, who is not your salaried employee, I will pay, to the extent permitted by law, reasonable attorney's fees and court costs incurred.
8. You may investigate my credit history and capacity and furnish information concerning this account to credit reporting agencies and others who may properly receive that information.
9. The law, particularly that applying to consumer credit sales, of the state where I reside shall govern this agreement. If my state of residence changes, I will immediately notify you. If your time payment account terms then applicable in my new state of residence differ from those in this agreement, I will sign a new time payment account agreement made available by you, and, until I do so, this agreement shall be deemed amended to conform to that new agreement as to any purchase made after my change of residence and you may act accordingly.
10. Should any provision of this agreement be finally determined inconsistent with or contrary to applicable law, the provision shall be deemed amended or omitted to conform with the law without affecting any other provision or the validity of this agreement.
Read this agreement before you sign it. Keep your copy for future reference.
Receipt of copy is acknowledged.

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