Common use of Financed Clause in Contracts

Financed. Deposit ($1000) at enrollment, equal payments for 2 years at 6% interest. If payments are consistent, receive diploma at graduation and continue payments. If payments fall behind 1 month, contract is void and balance is due by finals week or finals will be held for payment. Diploma is received after payment. Missed or late payments $20 late fee.

Financed. Deposit ($1000) at enrollment, equal payments payments, TBD for 2 years at 6% interest. If payments are consistent, receive diploma at graduation and continue payments. If payments fall behind 1 month, contract is void and balance is due by finals week or finals will be held for payment. Diploma is received after payment. Missed or late payments $20 late fee. If payments fall behind 1 month, balance is due to receive diploma.