When one decides to use another person’s property or anything that the other person has patented as his own, they should make a royalty payment for using it. It could be a house, a design, an intellectual property or just about anything. And when such a deal is made between the owner of something and the person who decides to use it, a residue royalty payment contract is formed.
A legally binding contract that is made between the owner of a property and the person who uses it by paying a periodic royalty is a residue royalty payment contract.
Here is what a residue royalty payment contract usually consists of:
Before you download one of the sample residue royalty payment contracts that we have got, you should know what a contract such as that is usually made up of. Here are all the components of a residue royalty payment contract listed out.
- The details of the property in questioned are all described. The details of the owner of the property and the person who uses them come next.
- The terms and conditions that the owner wants the user to stick to are then listed out.
- The signatures of the duo are made.
Sample Residue Royalty Payment Contract
A monthly payment contract is a legally binding agreement between a debtor (the person to whom the money is owed to) and the payer (the person who has to make the monthly payment) regarding the payment that is to be exchanged between the two of them every month. The monthly payment could be a rent or an instalment that is paid every month.
A monthly payment contract needs to have all the details of the debtor and the payer as a primary requirement. The details of the amount and nature of the monthly payment that is to be made is to be included in the contract as well. The period of time for which the payment is to be made,also called as the ‘term’ is to be included in the contract.
Details about the legal action that the debtor would like to take in case the payment is delayed or not done at all is also to be included in the contract. A copy of the contract is to be given to the debtor and the payer and preferably, a witness for as long as the monthly payment is to be done and both the parties should abide by the contract.
Sample Monthly Payment Contract
A payment plan contract is a legally binding agreement that is done for any kind of payment between two parties. The contract involves a payee (the person to whom the money is payed) and a payer (the person who pays the money) where in the payer pays a certain amount of money to the payee for a certain service or any other purpose.
The details of the payee and the payer along with their contact numbers are included in the contract. The payment plan which includes every single detail about the payment that is being made by the payer to the payee follows after that. The type of payment, the amount that is to be paid, the method of payment, the instalment details are all included in the contract. Details about the termination of the payment are included in the contract as well.
The payer and the payee sign the document, preferably before a witness and shall each have a copy of the contract for as long as the payment continues so that any complications that might arise are avoided. They shall also abide by the contract for as long as the payment continues.
Sample Payment Plan Contract
A car payment contract is a legally binding agreement between a buyer and a seller of a car. The car could be a used car or a new one. This kind of contract should be filled with details regarding the payment that has been made by the seller to the buyer.
The details of the car and its make are to be included in the car payment contract along with the details of the buyer and the seller. Since the contract is majorly for the payment of the car that was sold, every detail of the payment is to be included in the contract, like the method of payment, amount of payment, detail of each instalment of payment and fine fee amount. Any other obligations that are involved with the payment of the car are also to be included in the contract.
A car payment contract should be made before or on the purchase of the car and a copy of it should be given each to the buyer and the seller of the car. All the terms and conditions in the contract are to be accepted by both the parties.
Sample Car Payment Contract
Any lease contract which is formed in the situation where the lessee also has the option of purchasing the equipment or property which is put on lease is known as a lease purchase contract. Lease purchase contracts can be of many types such as property lease purchase contract, equipment lease purchase contract etc.
But all of these types come under one broad category which can be termed as a standard lease purchase contract. A standard lease purchase contract is made between a lessor and a lessee for a certain fixed period of time and for a certain fixed monthly lease payment but also gives the purchase figure for the case when the lessee opts to purchase the leased item.
Standard lease purchase contract is a formally drafted document which is legally binding for both the involved parties and consists of enforceable terms and conditions which describe the responsibilities as well as the respective roles of the parties in the lease arrangement.
It also mentions the clauses or conditions under which the lessee can buy the item. In such a contract, the contract term or the effective length of contract should also be given and the document must be signed at the end by both the lessee and the lessor.
Sample Standard Lease Purchase Contract: