It should be very clear when the contract begins, as the obligations it lays out will not be in effect until that date.Īssign each of the parties’ obligations and responsibilities.For example, “Payments shall be due beginning on the 1st of April, 2009 with a final balloon payment due on the 1st of May, 2019, for a contract term of one hundred twenty-one (121) months.” ![]() State when the payments will start and when they will end, as well as how many payments there will be. A late fee of $25.00 shall apply to all late payments.” X Research source For example, “Payment is due on the 1st of each month, and shall be considered late if not paid by the close of business on the 15th of said month. Describe clearly when a monthly payment will be considered late and what late fees shall apply. For example, “Interest shall be calculated at a simple seven and one half percent (7.5%) and shall be compounded annually.” X Research source State the interest rate and describe how interest is calculated. If there is a final balloon payment due, describe it in this same manner. Include the amount of principle, interest, and the total monthly payment, on what date it is due each month, and where payments should be mailed or otherwise delivered. ![]() ![]() Be sure to describe the terms fully and in plain English.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |