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25/7/2021 0 Comments

How To Properly Set Up A Contract With Installment Payments For Delivery Of Services or Goods

​Drafting a business contract is one of the most important things to do when entering into a partnership or working together with other companies. Irrespective of whether you are the service provider or the service seeker, having a contract is a must. However, a contract isn't a document with just multiple lines but a document that requires the review of each and every clause added within given its importance.

Of all the clauses added, the installment payment agreement is one that helps you understand the payment terms. Prior knowledge of the same prevents disputes or disapproval in the future.

Not sure what an “installment payment agreement” is? Don't worry, this article will help you understand the in and out of an installment payment agreement and the best practices you should follow when creating the contract with the said clause.

What Is An Installment Payment Agreement?

An “installment payment agreement” is one where the entertaining parties clearly outline the nature of engagement between them, the manner in which goods/services are provided by one, and corresponding payments. Often it so happens that companies enter into a mutual agreement where they agree to pay for the goods/services over time. Instead of paying the entire amount in advance or after the completion of the task, the service seeker is expected to pay the fee over an expressed time period. .

This is primarily observed in contracts that have a certain timeline. In simple words, when party “A” requires the services of B after a certain period in time, the payment requirement is invoked. Subscription agreements, such as those on popular many web and mobile apps, are examples of installment payment agreements. Organizations or persons that sign up for the services on a monthly or a biweekly basis must pay accordingly.

Hence, for these kinds of contracts, it is important to have payment made pre or post the delivery. And this constitutes the installment agreement.

In technical terms, the installment agreement has all the points or the clauses adhering to the payment process. Like it could be mentioned that the payment may not be done before the delivery of the goods and quality check by the audit team on arrival or the payment shall be made before the delivery of the goods to confirm their requirement for the store. In either case, the manner and time of releasing payments is clearly mentioned.

How To Draft The Agreement?

Knowing what an installment agreement is isn’t enough. One must be aware of the specifics of the agreement, what all needs to be mentioned, and how.

The first thing to do is to enter the nature of the business. It is necessary that the contract clearly specifies how the one company will serve the other. Whether they seek services or goods monthly or on an ad hoc basis.
The next thing is the payment process.All the conditions on how and when the payment needs to be released must be added in the agreement.
Another thing to add to the agreement is the dispute resolution clause . if the payment is not released and how will this affect the course of business in the future.

Installment payment agreements are a must for businesses that work on a regular basis with the said party. This helps ensure that they all are on the same page and anything said or done is expected and understood.

Also, you never have to be without the support and counsel of fellow business owners if you join our entrepreneur and business Facebook group. 

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Yoel Molina, Esq. (AKA “Mo”)
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    Yoel “Mo” Molina, I am a lifelong resident of Miami, Fl.  I am a graduate of Miami Senior High, Class of 1992, Georgia Institute of Technology, B.S.  1997 and University of Maine School of Law, J.D. 2001.  I have been practicing law in Miami Since 2001. I am a former training prosecutor in the Miami-Dade State Attorney’s Office.  I have experience in jury trials, appeals, and administrative hearings. I have appeared before judges across the State. My experience ranges from civil litigation matters, collection matters, foreclosure, business and corporate, contracts, real estate, leases and employment matters..

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"Mr. Molina has always been there for us with timely, reliable and competent advice. He is an important and valuable part of our team."  Corporate Client Eric Delgado, President of American International Export, Inc., a worldwide importer and exporter of brand name appliance parts.
"Yoel has been responsive and attentive to our company’s best interests and needs.   He has been a valuable resource to our company.  Any company that enlists his services would be in good hands-- including our own clients.” Corporate Client Gibran Flynn - Co-Owner and Founder of Eleva Solutions, Inc., the South Florida leader of outsourced HR, Staffing, Training, and Loss Prevention.
"My name is Anastasia Yecke Gude and I am the owner of Healing Hands Therapeutic Massage LLC.  In the process of my company’s growth and expansion, I suddenly found myself a few weeks ago in need of a 1099 contractor agreement, and I needed it ASAP.  As in, the very next day!  I contacted the Law Office of Yoel Molina and his assistant put me in touch with Mo.  I sent him what I had drafted up and he replied within a few hours with suggested revisions and clarifications, as well as a few insights I had not even considered.  I was thoroughly impressed by the quality of work he provided, especially considering the time crunch I put him in (sorry, Mo!).  I definitely recommend his services to anyone in need of a good contract attorney, and I will be calling him again for future work…hopefully in less of a rush next time!"