Retail Installment Contract

A Retail Installment Contract is an agreement between a buyer and a seller that allows the buyer to purchase a product or service and pay for it over time in regular payments, rather than paying the full amount upfront. It outlines the total cost, the repayment schedule, interest or finance charges, and any other terms or conditions. This contract helps buyers afford expensive items by spreading payments out over months or years, while sellers receive consistent payments and legal protection.