Meaning and features of Installment.

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Meaning : an installment system is a credit sale in which payments are made in instalments over a period of time. In this system the buyer gets the possession as well as ownership of the goods right at the time of signing the agreement. During the course of paying the instalments, if the buyer makes default in paying the instalment, the vender cannot responses the goods. In that case, the vender can sue the buyer for recovery of dues.


Features Of Installment Purchase System
The following are the features of installment purchase system:
1. Installment purchase system is just like an outright credit sale of goods.

2. The buyer makes the payment in different installment over a period of time as agrees upon in the agreement.

3. Under installment purchase system, the buyer gets the immediate possession as well as the ownership of goods.

4. The seller can not responses the good if the buyer made default in the payment of installment but he/she can sue against the buyer for the recovery of amount due.

5. In case of default in the payment of installment, the total amount of installments already paid by the buyer can not be forfeited.

6. Under installment system, the buyer can sell or mortgage the goods even before clearing all the installments.

7. Risk of goods/assets are to be borne by the buyer just after signing the agreement.

8. The buyer of the goods under installment purchase system has no right to return the goods to the seller.

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