LMK what you guys think of this contract amendment!

[RbSX]

Hey guys,

As some of you guys might know I made a threat last night where due to some english pratfalls, I helped screw myself in a contract. Not out of any money, but rather when I will recieve it.

Let me know how tight you guys think this agreement is.

29/01/2006
Transaction Contract Amendment 1.1


Parties: Ryan Sengara (Broker), Armin Parkesh (Purchaser)

Parties will from this point be referred to by their part in the transaction.

Due to unforeseen issues, amendments must be added to the previous agreement.


Full payment by the purchaser must be received no later than Saturday, February 18th, 2006. If payment is not made prior by Friday, February 17th, 2006 payment must be made by direct deposit to the Broker?s bank account as the Broker will be out of town between February 17th and February 26th, 2006. If payment is made prior to Friday, February 17th, 2006 payment may be made by money order, certified check, or direct account transfer.

If payment is not made by Saturday February 18th 2006, the purchaser will be charged interest of 2% weekly until the remainder of balance owed is paid of in total. Summarily legal action may be pursued.


I agree to the terms and conditions of this agreement:
(Please sign above the line)






___________________________________
Ryan Sengara ? Broker (XXXXX@telus.net)


___________________________________
Armin Parkesh ? Purchaser (XXXXXX@gmail.com)


To give you guys an idea, 2% per week is 1200 bucks, I kinda want my money bank.

 

[Corporate Thug]

i would add a merger clause

 

[RbSX]

Originally posted by: Corporate Thug
i would add a merger clause

Elaborate?

I hope you're not joking, cause this is kinda serious.

 

[BigJ]

You lent somebody $60,000?

Or what did you sell for $60,000?

 

[drinkmorejava]

you will get it before feb 17, if you are not paid by feb 18 with a direct deposit into your account, interest of 2% per week will be charged on the remaining amount owed

 

[RbSX]

Originally posted by: BigJ
You lent somebody $60,000?

Or what did you sell for $60,000?

60,000 Canadian, and I wasn't supposed to be lending people ANYTHING.

I made a language error on the first agreement saying that the Broker will deliver payment no later than Feb 2nd 2006, not mentioning when I HAD TO BE PAID by the purchaser.

On that note I realized I forgot to put in that no product will be delivered until the full balance has been paid.

Edit:

3 LG 60 inch plasma screen tvs
4 LG 37 inch LCD tvs
1 Theatre system

 

[Corporate Thug]

Originally posted by: RyanSengara

Originally posted by: Corporate Thug
i would add a merger clause

Elaborate?

I hope you're not joking, cause this is kinda serious.

no, i'm not kidding

a merger is a statement that says the scope of the contract is limitied to the written terms adn nothing else (in your case, the written terms and the the amendment)

a very simple example: "This agreement contains our entire understanding and cannot be changed orally."

if the contract goes badly, and either party decides to take it to court, it would be QUITE difficult to admit any other evidence that reflects the agreement due to the parol evidence rule. a merger clause makes it even more difficult

 

[RbSX]

Originally posted by: Corporate Thug

Originally posted by: RyanSengara

Originally posted by: Corporate Thug
i would add a merger clause

Elaborate?

I hope you're not joking, cause this is kinda serious.

no, i'm not kidding

a merger is a statement that says the scope of the contract is limitied to the written terms adn nothing else (in your case, the written terms and the the amendment)

a very simple example: "This agreement contains our entire understanding and cannot be changed orally."

if the contract goes badly, and either party decides to take it to court, it would be QUITE difficult to admit any other evidence that reflects the agreement due to the parol evidence rule. a merger clause makes it even more difficult

Done. Thanks for the advice.

 

[mugs]

You lent someone $60,000 Canadian? Why the hell would you do that?

Maybe include how the interest is computed, i.e. average daily balance. Otherwise the guy could pay you on the last day of the week after it's due and claim he doesn't owe you any interest.

What's the other guy's incentive for agreeing to amend your previous agreement?

 

[RbSX]

Originally posted by: mugs
You lent someone $60,000 Canadian? Why the hell would you do that?

Maybe include how the interest is computed, i.e. average daily balance. Otherwise the guy could pay you on the last day of the week after it's due and claim he doesn't owe you any interest.

What's the other guy's incentive for agreeing to amend your previous agreement?

He's already agreed to it, he's opening up a restraunt/lounge in 3 weeks and I don't think he wants me to sell all of his stuff on eBay.

 

[RbSX]

Originally posted by: mugs
You lent someone $60,000 Canadian? Why the hell would you do that?

Maybe include how the interest is computed, i.e. average daily balance. Otherwise the guy could pay you on the last day of the week after it's due and claim he doesn't owe you any interest.

What's the other guy's incentive for agreeing to amend your previous agreement?

Like I said, I didn't LEND anyone ANYTHING.

I just forgot to stipulate days of money transfers as far as my income goes, and stipulated days where I had to pay other people.

 

[RbSX]

bump