Page 186 - DMGT512_FINANCIAL_INSTITUTIONS_AND_SERVICES

Unit 12: Hire Purchasing

C. Buyer's Rights and Obligations Notes
Paragraph 4. Buyer agrees to accept the goods and pay for them according to the terms
further set out below.

Paragraph 5. Buyer agrees to pay for the goods:
(i) In full upon receipt
(ii) In installments, as billed by Seller, and subject to the separate installment sale
contract of ……………………………. [date] between Seller and Buyer.
(iii) Half upon receipt, with the remainder due within 30 days of delivery.
Paragraph 6. Goods are deemed received by Buyer upon delivery to Buyer's address as set
forth above.
Paragraph 7. Buyer has the right to examine the goods upon receipt and has
……………………… days in which to notify seller of any claim for damages based on the
condition, grade, quality or quality of the goods. Such notice must specify in detail the
particulars of the claim. Failure to provide such notice within the requisite time period
constitutes irrevocable acceptance of the goods.
D. Seller's Obligations
Paragraph 8. Until received by Buyer, all risk of loss to the above-described goods is
borne by Seller.
Paragraph 9. Seller warrants that the goods are free from any and all security interests,
liens, and encumbrances.
E. Attestation
Paragraph 10. Agreed to this ……………………… day of ……………………., in the year
…………………………
By: ……………………………. Official Title: …………………………….
On behalf of …………………………….……………………………., Seller
I certify that I am authorized to act and sign on behalf of Seller and that Seller is bound by
my actions. ……………………………. [initial]

By: ……………………………. Official Title: …………………………….

On behalf of ……………………………., Buyer
I certify that I am authorized to act and sign on behalf of Buyer and that Buyer is bound by
my actions. ……………………………. [initial]

[NOTARY STAMP HERE]
……………………………………………………….

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