AUTO PARTS AND ENGINES
CUSTOMER PAYMENT PLAN AGREEMENT
Installment Payment Terms
This Payment Plan Agreement ("Agreement") is entered into between Auto Parts and Engines ("Seller") and the Customer/Buyer ("Buyer") for the purchase of automotive parts, engines, transmissions, and related products.
1. PAYMENT STRUCTURE
The Buyer agrees to pay the total purchase price according to the following schedule:
Initial Down Payment
50% of the total product value shall be paid as a non-refundable down payment upon acceptance of the quotation and before order processing begins.
Remaining Balance
The remaining 50% balance shall be paid in five (5) equal monthly installments.
2. INSTALLMENT SCHEDULE
For a total product value of $__________, the payment schedule shall be as follows:
| Payment Description | Amount ($) | Due Date |
|---|---|---|
| 50% Initial Down Payment | $__________ | Upon Order Confirmation |
| 1st Monthly Installment | $__________ | 30 Days After Order Confirmation |
| 2nd Monthly Installment | $__________ | 60 Days After Order Confirmation |
| 3rd Monthly Installment | $__________ | 90 Days After Order Confirmation |
| 4th Monthly Installment | $__________ | 120 Days After Order Confirmation |
| 5th Monthly Installment | $__________ | 150 Days After Order Confirmation |
3. PAYMENT CALCULATION EXAMPLE
For illustration purposes only:
Total Product Value: $10,000
| Payment Description | Amount ($) |
|---|---|
| 50% Down Payment | $5,000 |
| Balance Remaining | $5,000 |
| Monthly Installment 1 | $1,000 |
| Monthly Installment 2 | $1,000 |
| Monthly Installment 3 | $1,000 |
| Monthly Installment 4 | $1,000 |
| Monthly Installment 5 | $1,000 |
4. PAYMENT METHODS
Payments may be made via:
Bank Wire Transfer
SWIFT Transfer
Online Payment Gateway (where available)
Other payment methods approved by Auto Parts and Engines
The Buyer shall be responsible for all bank charges, transfer fees, and intermediary banking fees.
5. OWNERSHIP OF GOODS
All products supplied by Auto Parts and Engines shall remain the sole property of the Seller until the full purchase price has been paid, including all installments and any applicable charges.
The Seller reserves the right to recover goods in the event of payment default where permitted by applicable law.
6. LATE PAYMENT
If any installment remains unpaid for more than 15 calendar days after its due date:
The Seller may suspend future deliveries and services.
The Seller may demand immediate payment of the entire outstanding balance.
The Seller may terminate the installment arrangement.
Collection costs and legal fees incurred in recovering overdue amounts may be charged to the Buyer where permitted by law.
7. EARLY PAYMENT
The Buyer may pay all or part of the outstanding balance at any time without penalty.
No prepayment fees shall apply.
8. DEFAULT
The Buyer shall be considered in default if:
Any installment remains unpaid beyond the grace period.
The Buyer becomes insolvent or enters bankruptcy proceedings.
The Buyer breaches any material provision of this Agreement.
Upon default, the Seller may accelerate all remaining payments, making the entire unpaid balance immediately due and payable.
9. ACCEPTANCE
By signing below, both parties agree to the terms and conditions of this Payment Plan Agreement.
SELLER
AUTO PARTS AND ENGINES
Authorized Representative: ______________________
Position: ______________________________________
Signature: _____________________________________
Date: _________________________________________
BUYER
Company/Individual Name: _______________________
Authorized Representative: ______________________
Signature: _____________________________________
Date: _________________________________________
TRANSACTION DETAILS
Invoice/Order Number: ___________________________
Product Description: ____________________________
Total Product Value: €___________________________
50% Down Payment: $____________________________
Monthly Installment Amount (5 Payments): $_______
Agreement Effective Date: _______________________