Payment Plan
A payment plan is essential for any product for settling into an agreement between the buyer and the seller on the terms of paying money. Different business financing which requires payment plans include various loans and some contracts in purchasing specific goods or services (Jin, Wang & Hu, 2015). Payments of debts also necessitate a payment plan which may be in the form of a contract that aims at overseeing successful payment of the debt with the accrued interest (Hindert, Dehner & Hindert, 2016). Any business either small or large may undoubtedly be encountered with a situation that needs the filling of various forms or contracts. Hindert, Dehner, and Hindert (2016) opine that the contracts ensure that the business and the clients adhere to the written regulations and minimize the legal risks. In addition to contracts aimed at overseeing the payment of the debts of goods or services provided by the companies, there are other forms of contracts that are filled to oversee the payment of the hired employees. Such contracts contain the compensation plan and the requirements at work. Rofe Inc. a company that deals with the manufacturing of roofing products utilizes contracts as a way of compensating the workers and receiving payments from clients who purchase the products on hire purchase or debts. Moreover, the company signs an agreement with the client on the payment plan of the service, the interest and the time to pay the company. A sales related contract is common in a business that entails one party making a purchase from another party. According to Jin, Wang, and Hu (2015), this form of contract comprise of warranties, limited warranties, purchase orders, bills of sale, security agreements and an agreement for the sale of the products or services. Below is a sales related contract of Rofe Inc.
Contract for Sales of Goods/ Services
I _______________________, the Seller of goods and services on behalf of Rofe Inc., and _____________________, the Buyer of ____________, hereby agree that on this ____ day of _______________, in the year ____________, to the terms and regulations stated below.
Identities of the Buyer and Seller
Business address is _____________________, in the city/ town of _______________, state of _________________________, is in the business of ___________________________. Buyer, whose business address is ____________________, in the city/town of _________________, state of _________________________, is in the business of ____________________________.
Description of the Services/ Goods
Rofe Inc. agrees to transfer and deliver to Buyer the goods/services, on ________________________ [date]. Description of Goods/Services
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
Rights and Obligation of the Buyer
The Buyer agrees to pay for the services and goods if the following terms and conditions are met.
- Payment to be made in full as stated in the receipt upon delivery of the goods.
- To be paid in installments, as agreed by the seller on the sale contract of __________________ [date] between Buyer and the Seller
- Half of the payment to be made on receiving the receipt and the rest of the remaining money to be paid within 30 days of delivery.
- Customers can pay on an agreement made on _________ (date) upon the completion and acceptance of the work.
- Customers have the right to stipulate the payment of the good/ services money upon the acceptance of the invoice rather than being tied to the receipt.
- If the customer cannot pay the entire lump sum of money at a go, Rofe Inc. can offer scheduled payment as agreed before making a purchase.
- Customers will receive two invoices, one before delivery of the goods and services and another one upon delivery of the goods and services.
- The customer has the right to negotiate with the company and settle on a solution that is fair and reasonable to both parties.
- The payment method defines the interest that accrues over time and the rate at which this interest is calculated.
Goods are considered to be delivered if they are transferred to the Buyer’s address as stated above. The Buyer has the right to assess the goods upon delivery and notifies the Rofe Inc. customer care within______ days on the specific complain (damage, poor quality, inaccurate quantity and unappealing condition of the goods.
Attestation
I _______________, agree on _____ day _____ month ________ year, on behalf of Rofe Inc. Company that I am an authorized agent sign and act on behalf of Seller
I _______________, agree on _____ day _____ month ________ year, on behalf of the Buyer and that Buyer is bound by my actions.
References
Hindert, D. W., Dehner, J. J., & Hindert, P. J. (2016). Structured Settlements and Periodic Payment Judgments. New York: Law Journal Press.
Jin, Y., Wang, S., & Hu, Q. (2015). Contract type and decision right of sales promotion in supply chain management with a capital constrained retailer. European Journal of Operational Research, 240(2), 415-424.
