Topical Terminology > Minimum Payment Clause
Minimum Payment Clause
For Minimum Payment Clause we have a term and definition in Auto Loan.
Minimum Payment Clause (Auto Loan) 
A clause in hire-purchase agreement imposing a liability on the hirer to make a payment over and above the arrears of hire-rent, in the event of the agreement or the hiring being terminated before the property in the goods has been passed to the hirer. The payment may be expressed to be for depreciation of goods or by way of liquidated damages or compensation for loss of profit.
See more Auto Loan Terms ...
Similar
Browse words that start with:
Browse All Terms by First Letter
Term Search
Looking for more topical resources?
> Feeds
> General Reference
> News Video
> Recipes
> Podcasts
> Tags
We currently have 172,616 terms and definitions across 1,105 topics.
This work is licensed under Creative Commons.
Design by NOWdesign
