installment contract

installment contract definition - business

installment contract

An agreement in which the delivery of money, goods, or services is to occur in segments over a specified period. An automobile loan is an example of an installment contract that stipulates equal monthly payments until the principal on the loan is repaid.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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