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Sample Revolving Credit Contract

The definition of a Revolving Credit is a type of credit that is provided to the buyer that does not have a fixed number of payments.






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Revolving Credit Agreement Template

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Revolving Credit Contract


Effective Date: ____/____/______


This Revolving Credit Agreement is hereby made and entered between

[Legal Name] (AKA, “The Seller”)

Located at [Address]

[City], [State] [Zip Code]

&

[Legal Name] (AKA, “The Buyer”)

Located at [Address]

[City], [State] [Zip Code]

1. Establishment of Account

Under the terms and conditions that are hereby set forth in this Revolving Credit Agreement, The Seller and Buyer agree to the creation of a revolving credit account under which Seller, at its discretion, agrees to permit The Buyer to make purchases from time to time and to then debit Buyer’s Account for the cash price of each purchase including any finance charges that are stated in this Agreement. The Buyer also hereby agrees to make payments on the unpaid principal balance in the Account periodically as stated in this Agreement and also agrees that all purchases made under this Agreement will be made on the terms and conditions that are set forth below and in any additional documents that that are incorporated by reference into this Agreement.

2. Maximum Amount of Credit

The unpaid principal balance in the Account may not exceed $_______________ at any one time.

3. Periodic Statement

The Seller shall provide Buyer with a statement at the beginning of each calendar month in which there is any unpaid balance under this Revolving Credit Agreement. The statement will include the total unpaid balance at the start and end of the statement period, a list of all items purchased during the period, the cash price paid, and the date of each purchase, any payments made by The Buyer or other credits to The Buyer during the period, and the total finance charge amount.

4. Calculation of Finance Charge

A finance charge will be applied at a rate of _____% on a monthly basis. When calculating the finance charge the rate will be applied to the unpaid balance at the beginning of the statement period. The finance rate will be applied to any unpaid balances or previous finance charges including any delinquent charges. For calculating the finance charge, a month runs from one date in a month to the corresponding date in the following month. Therefore a day is considered 1/30th of a month if computation must be made for a partial month. If there is a finance charge that is computed for any one month that is less than one dollar the finance charge of $1 will be applied to the account.

5. Payment and Delinquent Charges

The Buyer hereby agrees to pay an amount that is equal to the minimum payment as stated in the monthly statement by the due date that is provided on the monthly statement. If any payment is late by ____ days or more, then a delinquent charge in the amount of $_______ will be imposed and added to the unpaid balance.

6. Prepayment

The Buyer may pay any part of or the entirety of the unpaid balance on the Account at any time. There will be no prepayment charge for any prepayment made.

7. Cancellation

This Agreement may be cancelled at any time by either The Buyer or Seller giving a written notice of cancellation to the other party of this Agreement. A notice of cancellation shall not affect The Buyer’s obligation to repay any outstanding balance that is due to The Seller or The Seller’s right to collect the indebtedness.

Applicable Law
This contract shall be governed by the laws of the State of __________ in __________ County and any applicable Federal Law.



______________________________________________________
Signature of Seller


______________________________________________________
Signature of Buyer









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