Accounting Owner Finance Contract

This Accounting Owner Finance Contract ("Contract") is made and entered into as of [Month Day, Year], by and between:

Seller:

[Your Name]

[Your Address]

[City, State, ZIP Code]

[Your Email]

[Your Number]

Buyer:

[Buyer's Name]

[Buyer's Address]

[City, State, ZIP Code]

[Buyer's Email]

[Buyer's Phone Number]

Recitals

WHEREAS, Seller is the owner of certain accounting services and/or equipment as described in this Contract, and Buyer desires to purchase such services and/or equipment from Seller on an owner-financed basis;

NOW, THEREFORE, for and in consideration of the mutual covenants contained herein and other good and valuable consideration, the parties agree as follows:

1. Sale of Services and/or Equipment

1.1 Description of Services and/or Equipment

Seller agrees to sell, transfer, and assign to Buyer the following services and/or equipment (the "Services and Equipment"):

1.1.1. Accounting Software

• Software Name: QuickBooks Pro 2054

• Version: 2054

• License: 5-user license

• Serial Number: QB2024-1234

• Details:

  • Compatible with Windows 10 and later

  • Includes payroll features

  • 1 TB cloud storage

  • 1-year customer support

• Condition: New license

1.1.2. Accounting Equipment

• Item 1: Dell Desktop Computer

• Model: OptiPlex 7090

• Serial Number: 12345ABC

• Details:

  • Intel Core i7 processor

  • 16 GB RAM, 512 GB SSD

  • Windows 11 Pro

  • Includes 24-inch monitor

• Condition: Lightly used, 1-year warranty left

• Item 2: HP LaserJet Printer

• Model: M428fdw

• Serial Number: HPLJ2024

• Details:

  • 40 pages per minute

  • Automatic two-sided printing

  • Wireless printing

  • Includes extra toner

• Condition: New, unopened

1.1.3. Accounting Services

• Service 1: Monthly Bookkeeping

• Includes:

  • Bank statement reconciliation

  • Managing payables and receivables

  • Monthly financial reports

• Duration: 12 months

• Frequency: Once a month

• Service 2: Annual Tax Preparation

• Includes:

  • Preparing federal and state tax returns

  • Up to 3 tax planning sessions

• Delivery: Final returns by [Month Day, Year]

1.2 Purchase Price

The total purchase price for the Services and Equipment is $[Total Purchase Price] (the "Purchase Price"). The Purchase Price is based on the fair market value of the Services and Equipment as of the date of this Contract.

2. Payment Terms

2.1 Down Payment

Buyer shall pay to Seller an initial down payment of $[0] (the "Down Payment") on or before [Month Day, Year]. The Down Payment is non-refundable and will be credited towards the Purchase Price.

2.2 Financing Terms

The remaining balance of $[9] (the "Financed Amount") shall be financed by Seller under the following terms:

a. Interest Rate: The Financed Amount shall bear interest at a rate of [0]% per annum, calculated on the outstanding principal balance. Interest shall accrue from the date of this Contract until the Financed Amount is paid in full.

b. Payment Schedule: Buyer shall make monthly payments of $[0] on the [Month Day, Year] of each month, starting on [Month Day, Year] and continuing until the Financed Amount, including interest, is paid in full. The payment schedule is attached hereto as [Exhibit A].

c. Payment Method: Payments shall be made via [electronic transfer] to Seller’s designated account, details of which are provided in [Exhibit B].

d. Late Payment: Any payment not received within [0 days of the due date shall be considered late. Buyer shall pay a late fee of $[0] for each late payment. In addition, Seller reserves the right to charge interest on overdue amounts at a rate of [0]% per annum from the date such amounts were due until paid.

2.3 Prepayment

Buyer may prepay the Financed Amount, in whole or in part, at any time without penalty. Any prepayment shall first be applied to accrued interest and then to the principal balance.

3. Security Interest

3.1 Grant of Security Interest

As security for the payment of the Purchase Price and the performance of all obligations under this Contract, Buyer grants to Seller a security interest in the Services and Equipment. The security interest is intended to secure all obligations of Buyer under this Contract.

3.2 Perfecting Security Interest

Seller may file a financing statement or take other actions necessary to perfect and maintain the security interest granted herein. Buyer agrees to cooperate with Seller in executing and filing any necessary documents.

3.3 Default

If Buyer defaults in the payment of any amount due under this Contract or breaches any term or condition hereof, Seller may declare the entire unpaid balance of the Purchase Price, together with any accrued interest, immediately due and payable. In such event, Seller may take possession of the Services and Equipment and exercise all rights and remedies available under applicable law, including but not limited to repossession and resale of the Services and Equipment.

4. Representations and Warranties

4.1 Seller’s Representations

Seller represents and warrants that:

a. Seller is the legal owner of the Services and Equipment and has full authority to sell and transfer them.

b. The Services and Equipment are free from any liens, claims, or encumbrances, and Seller has not pledged or otherwise encumbered them.

c. Seller has disclosed to Buyer any known defects or issues related to the Services and Equipment, and to the best of Seller’s knowledge, the Services and Equipment are in good working condition.

4.2 Buyer’s Representations

Buyer represents and warrants that:

a. Buyer has the legal capacity and authority to enter into and perform its obligations under this Contract.

b. Buyer has conducted its own due diligence regarding the Services and Equipment, including any inspections or evaluations deemed necessary, and is satisfied with the condition and performance thereof.

5. Indemnification

5.1 Seller’s Indemnity

Seller agrees to indemnify and hold Buyer harmless from and against any and all claims, liabilities, damages, losses, and expenses (including reasonable attorney’s fees) arising out of or resulting from Seller’s breach of any representation, warranty, or covenant contained in this Contract.

5.2 Buyer’s Indemnity

Buyer agrees to indemnify and hold Seller harmless from and against any and all claims, liabilities, damages, losses, and expenses (including reasonable attorney’s fees) arising out of or resulting from Buyer’s use of the Services and Equipment or any breach of Buyer’s obligations under this Contract.

6. Term and Termination

6.1 Term

This Contract shall commence on the date first written above and shall continue in effect until all payments have been made and all obligations under this Contract have been satisfied.

6.2 Termination for Convenience

Either party may terminate this Contract for convenience upon [Number] days' written notice to the other party. In the event of termination for convenience, Buyer shall remain liable for all amounts due and payable up to the effective date of termination, and Seller shall refund any prepayments made by Buyer, less any amounts owed.

6.3 Termination for Default

In the event of a material breach by either party, the non-breaching party may terminate this Contract by providing [0] days' written notice to the breaching party. Termination for default shall not relieve the breaching party from its obligations to pay any amounts due or to perform any other obligations under this Contract.

7. Miscellaneous

7.1 Governing Law

This Contract shall be governed by and construed in accordance with the laws of the State of [State], without regard to its conflict of laws principles.

7.2 Dispute Resolution

Any disputes arising under this Contract shall be resolved through [mediation] in the State of [State]. The prevailing party in any dispute resolution proceeding shall be entitled to recover its reasonable attorneys’ fees and costs.

7.3 Entire Agreement

This Contract constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter. No representations, inducements, promises, or agreements, oral or otherwise, that are not expressly set forth in this Contract shall be binding upon either party.

7.4 Amendments

No amendment or modification of this Contract shall be valid or binding unless made in writing and signed by both parties. Any amendment or modification shall be incorporated into this Contract as if originally set forth herein.

7.5 Notices

All notices under this Contract shall be in writing and shall be deemed to have been duly given when delivered in person or sent by certified or registered mail, postage prepaid, to the addresses set forth above or to such other address as either party may designate by notice to the other party.

7.6 Severability

If any provision of this Contract is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect. The parties shall negotiate in good faith to replace any invalid or unenforceable provision with a valid and enforceable provision that most closely reflects the original intent of the parties.

7.7 Assignment

Neither party may assign this Contract without the prior written consent of the other party, except that Seller may assign this Contract to any successor in interest or to any affiliate without Buyer’s consent. Any assignment in violation of this section shall be void and of no effect.

7.8 Counterparts

This Contract may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Facsimile or electronic signatures shall be deemed to have the same legal effect as original signatures.

IN WITNESS WHEREOF, the parties hereto have executed this Accounting Owner Finance Contract as of the day and year first above written.

Seller:

[Your Name]

[Title]

Buyer:

[Buyer's Name]

[Title]

Witnesses:

[Witness 1 Name]

[Witness 1 Title]

[Witness 2 Name]

[Witness 2 Title]

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