Agreed Interpretations Clause Samples
The Agreed Interpretations clause establishes a mutual understanding between the parties regarding the meaning of specific terms or provisions within the contract. It typically lists definitions or clarifies how certain phrases should be interpreted, ensuring that both parties are aligned on key concepts. By providing these agreed-upon explanations, the clause helps prevent disputes over ambiguous language and promotes consistency in the contract’s application.
Agreed Interpretations. In interpreting this Agreement and any assignment of Contracts, it is agreed as follows:
(a) A down payment will not be considered to have been paid in the manner stated in a Contract if (i) any part thereof was a deferred obligation not properly disclosed as required by applicable law, (ii) any part thereof was lent or paid to the Buyer by Dealer or a representative of the Dealer, (iii) any part thereof is paid by a person other than Buyer (including, without limitation, a check guarantee service), (iv) any check or similar instrument tendered in payment or partial payment thereof was returned unpaid, or (v) Buyer has agreed to pay a deferred down payment (pick-up payment or hold check) prior to the due date of the first scheduled Contract payment, and Buyer fails or has failed to pay any such deferred payment as scheduled. CPS may waive any down payment irregularity described above, and Dealer agrees to advise CPS of the same, so as to enable CPS to decide whether to waive the same.
(b) A Contract and the underlying sale of the Vehicle will be considered to have been completed in violation of applicable law if (i) the Buyer did not receive a completely filled-in copy of such Contract at the time of its execution, (ii) any related goods or services, including, without limitation, accessories, credit or physical damage insurance and extended service agreements, were sold in violation of applicable law, or (iii) any of the names or signatures on such Contract are forged, fictitious or assumed, or otherwise not correct.
(c) If applicable state law does not provide for registration of a lien on a Vehicle, but does permit registration as a “legal owner,” delivery of a certificate of title naming CPS as the original legal owner may take the place of delivery of a certificate of title naming CPS as lien holder. If applicable state law requires that only the Buyer may hold the certificate of title, then delivery of acceptable evidence of registration of the original first lien interest of CPS may take the place of delivery of a certificate of title.
(d) Devices that have the effect of evading the representations and warranties appearing above include
(i) subsequent to execution of the Contract, and without the consent of CPS, Dealer agrees to any modification of the Contract, (ii) Buyer has agreed to make any payment or payments for purchase of the Vehicle that are not disclosed in the Contract, (iii) any trade-in vehicle whose equity was used as all or part of t...