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System PayPlan Agreement   » Click to Continue

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This QuickForm "System Payment Plan Agreement" resolves a problem with system procurements: Vendors want to receive immediate payment, while Customers want to spread payments over time.

PayPlan Agreements move payment terms from the System Agreement into a separate installment contract. As a standalone contract, the PayPlan can more readily be sold or "discounted" by the Vendor to a bank for cash.

PayPlan Agreements thus allow Vendors to get paid up front (if the paper is sold to a bank), while giving Customers more time to pay.

Note: Under PayPlans, Customers must pay regardless of any System performance problems. Customers must rely on warranty or maintenance provisions in the System Agreement to address any System performance issues with the Vendor.

Banks require this "hell or high water" commitment before they will purchase PayPlans from Vendors. For Customer, this risk is nearly the same as a cash purchase.

Some Vendors will only agree to installment payments that are put into separate PayPlan Agreements. Vendors may set up affiliated credit companies (e.g., "Vendor Credit Corporation") to issue and administer PayPlans and sell them to banks.

PayPlans are used with System Agreements (e.g., QuickForms "Software License Agreement," "System Acquisition Agreement," sold separately). If you need a loan document not associated with a System Agreement, consider the QuickForms "Promissory Note," instead.

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