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Old 05-31-2011, 09:46 PM   #1
Mobotch
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Selling gear locally - receipts?

One of my rigs is about to get a new home. The buyer, whom I know and work my square gig with, has asked to pay installments. I agreed, but I want to cover myself as best as possible given the circumstances. To that end, I was thinking of having receipts/contract signed by us both, indicating payment made and balance each time.
So for those experienced: what might that read like? How do I write it to make it as legally binding as possible (or at least appear very serious). We came to $100 a week for 5 weeks.

Any help, advice, smarm, jab, or Makers Mark would be greatly appreciated.

Take care.
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Old 05-31-2011, 10:13 PM   #2
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i'd just do a hand-written thing.

"so and so paid this much of the total on this date" etc. as required until the full amount is paid.

and keep the gear until it's paid for.
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Old 05-31-2011, 10:22 PM   #3
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One of my rigs is about to get a new home. The buyer, whom I know and work my square gig with, has asked to pay installments. I agreed, but I want to cover myself as best as possible given the circumstances. To that end, I was thinking of having receipts/contract signed by us both, indicating payment made and balance each time.
So for those experienced: what might that read like? How do I write it to make it as legally binding as possible (or at least appear very serious). We came to $100 a week for 5 weeks.

Any help, advice, smarm, jab, or Makers Mark would be greatly appreciated.

Take care.
Nothing will magically make it "legally binding." A spoken word agreement is "legally binding," the challenge comes when there is no proof of what the agreement was. Thus, anything that you put in writing with his and your signature and its date of signing will become record of such agreement. Best that it clearly state who, what, when, where, why, and how.

If worst comes to worst, take him to small claims court and bring the piece of paper and he won't have much recourse.
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Old 05-31-2011, 10:31 PM   #4
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Nothing will magically make it "legally binding." A spoken word agreement is "legally binding," the challenge comes when there is no proof of what the agreement was. Thus, anything that you put in writing with his and your signature and its date of signing will become record of such agreement. Best that it clearly state who, what, when, where, why, and how.

If worst comes to worst, take him to small claims court and bring the piece of paper and he won't have much recourse.
all of this.

and keep the gear until it's paid in full.
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Old 05-31-2011, 10:39 PM   #5
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Groovy.
Much appreciated.
He's getting the gear upfront (with first payment). That's been done for me by someone I barely knew, so I'm kind of inclined to extend that courtesy/trust. I've known the buyer and his family for close to a decade and do not foresee any real problems.
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Old 05-31-2011, 10:41 PM   #6
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He's getting the gear upfront (with first payment).
then you're a more trusting soul than i am. i won't generally take payments, and on the rare occasions that i do, the gear isn't turned over until payments are complete.

YMMV.
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Old 06-01-2011, 12:36 AM   #7
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He's getting the gear upfront (with first payment).

nope.
been there,done that and gotten screwed every time.
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Old 06-01-2011, 01:04 AM   #8
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Groovy.
Much appreciated.
He's getting the gear upfront (with first payment). That's been done for me by someone I barely knew, so I'm kind of inclined to extend that courtesy/trust. I've known the buyer and his family for close to a decade and do not foresee any real problems.
fuck that noise
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Old 06-01-2011, 05:11 AM   #9
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nope.
been there,done that and gotten screwed every time.
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fuck that noise
i tried

hopefully, it'll all work out and everybody gets what they want out of the situation. however, it's been my personal experience that it doesn't work out that way.

*fingers crossed*
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Old 06-01-2011, 05:39 AM   #10
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*fingers crossed*
Won't help you much. I wouldn't do it.
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Old 06-01-2011, 06:00 AM   #11
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One of my rigs is about to get a new home. The buyer, whom I know and work my square gig with, has asked to pay installments. I agreed, but I want to cover myself as best as possible given the circumstances. To that end, I was thinking of having receipts/contract signed by us both, indicating payment made and balance each time.
So for those experienced: what might that read like? How do I write it to make it as legally binding as possible (or at least appear very serious). We came to $100 a week for 5 weeks.

Any help, advice, smarm, jab, or Makers Mark would be greatly appreciated.

Take care.
If I didn't trust him enough to do this deal without a wad of paperwork, I wouldn't trust him enough to let him pay by installments in the first place.

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Old 06-01-2011, 07:07 AM   #12
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Groovy.
Much appreciated.
He's getting the gear upfront (with first payment). That's been done for me by someone I barely knew, so I'm kind of inclined to extend that courtesy/trust. I've known the buyer and his family for close to a decade and do not foresee any real problems.
Hey, do what you want. You've been forewarned. I'll bet you he never makes the last payment.
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Old 06-01-2011, 07:09 AM   #13
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The buyer, whom I know and work my square gig with, has asked to pay installments. I agreed, but I want to cover myself as best as possible given the circumstances.

If you truly trusted him you wouldn't have written this.

Last edited by CraigV; 06-01-2011 at 01:34 PM.
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Old 06-01-2011, 08:17 AM   #14
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If I didn't trust him enough to do this deal without a wad of paperwork, I wouldn't trust him enough to let him pay by installments in the first place.

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Old 06-01-2011, 08:32 AM   #15
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Old 06-01-2011, 12:45 PM   #16
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I do hope it works out. If worse comes to worst, I'll make sure to put up a thread for I-told-you-so's and general jabbing. I enjoy trusting people, with a backup plan (yes I see the hypocrisy there).
Thank you for the concern and warning.
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Old 06-01-2011, 12:49 PM   #17
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I do hope it works out. If worse comes to worst, I'll make sure to put up a thread for I-told-you-so's and general jabbing. I enjoy trusting people, with a backup plan (yes I see the hypocrisy there).
Thank you for the concern and warning.
I'll play the other side. Going back to the first day we met, I let you walk out of my house with my gear without payment, receipt or anything. You know who you can trust and who you can't.
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Old 06-01-2011, 12:55 PM   #18
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I'll play the other side. Going back to the first day we met, I let you walk out of my house with my gear without payment, receipt or anything. You know who you can trust and who you can't.
Word. That influenced how I deal with gear transactions in a big way.
I still owe you for that, by the way. I love my Low B-2
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Old 06-01-2011, 12:57 PM   #19
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Word. That influenced how I deal with gear transactions in a big way.
I still owe you for that, by the way. I love my Low B-2
Glad you love it! You don't owe me anything. It was my pleasure.
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Old 06-01-2011, 01:36 PM   #20
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I'll play the other side. Going back to the first day we met, I let you walk out of my house with my gear without payment, receipt or anything. You know who you can trust and who you can't.
Exactly. He doesn't seem so sure. At least that's the impression one gets when reading a post about 'protecting' oneself with a contract and receipts.
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Old 06-01-2011, 01:53 PM   #21
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nope.
been there,done that and gotten screwed every time.
yup. I agree.

Unless I've known the dude for eons, that aint' gonna happen.
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Old 06-01-2011, 02:18 PM   #22
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I'll bet you he never makes the last payment.
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I let you walk out of my house with my gear without payment, receipt or anything.
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I still owe you for that, by the way.
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Old 06-01-2011, 02:21 PM   #23
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Old 06-01-2011, 06:00 PM   #24
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A contract is a great idea if you're doing business with friends. It makes the conditions very clear and leaves little to memory.

Not sure about the "if you need a contract, you don't trust him and therefore should sell to him on installment anyway." That doesn't make sense to me. He knows the guy and feels good about it, but wants some solid and efficient legal recourse just in case things turn sour. Makes perfect sense, imo. Seems some here consider a contract a sign of mistrust.
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Old 06-01-2011, 06:03 PM   #25
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Seems some here consider a contract a sign of mistrust.
No. This isn't some joe-schmo off craigslist. If it was, and I was considering payment plans (I wouldn't), I'd want a contract.

If it were a friend, I'd just expect/trust him to pay me. The type of people I'm friends with aren't the type who would stiff me. If they were, I wouldn't offer them a payment plan.
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Old 06-01-2011, 06:09 PM   #26
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No. This isn't some joe-schmo off craigslist. If it was, and I was considering payment plans (I wouldn't), I'd want a contract.

If it were a friend, I'd just expect/trust him to pay me. The type of people I'm friends with aren't the type who would stiff me. If they were, I wouldn't offer them a payment plan.
If my friends were the type who would stiff me, I wouldn't offer them a payment plan either.

Now back to the OP's sitch...
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Old 06-01-2011, 06:13 PM   #27
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If my friends were the type who would stiff me, I wouldn't offer them a payment plan either.
Glad we agree.

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Now back to the OP's sitch...
Yes, because your posts are so helpful to the OP...
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Old 06-01-2011, 06:16 PM   #28
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A spoken word agreement is "legally binding," the challenge comes when there is no proof of what the agreement was.
IIRC, OP is selling goods for $500 and therefore an oral agreement will not suffice. The contract must be in writing or its not a valid and enforceable contract.
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Old 06-01-2011, 06:21 PM   #29
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IIRC, OP is selling goods for $500 and therefore an oral agreement will not suffice. The contract must be in writing or its not a valid and enforceable contract.
No, if there is a way to prove that one party said "yes, I will buy that for $10,000,000" then it is enforceable, even if not in writing. The point of putting it in writing is simply to make provable that which was agreed upon.

Think of it this way: they go to court cause the buyer didn't pay up. The judge asks "what happened?" The OP says "he agreed to buy it for $500. We had a verbal agreement that was not in writing." The buyer says "yeah, he's right. I did agree to buy it for $500. I never did pay him $500, but I'm going to keep the gear anyways because he never wrote it down," and the judge goes "yeah, OK!"

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Old 06-01-2011, 09:49 PM   #30
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FWIW, I borrowed a small PA system from catphish once. He agreed to let me borrow it before he ever met me in person. There was a bit of dirt rubbed into the carpet of the speaker cabs when I brought it back, I hope he doesn't hate me for that. I cleaned it up the best I could.

I also bought a drum set from a friend. He offered to let me pay it off in installments. I paid it in full, on time, and also gave him a little extra cash at the end for his helpfulness.

It all depends on the person. It's usually pretty easy to tell who you can trust. If a handshake isn't good enough, then a written contract won't be either.
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