Article 504 of the RA Civil Code provides, “Where the payment for the goods after a certain period of time upon transferring them to the purchaser (sales of goods on credit) is provided for by the purchase and sales contract, the purchaser shall be obliged to pay within the term provided for by the contract, and where such a term is not provided for by the contract – within a reasonable term.”
Sales of goods on credit shall be performed at the prices applicable for the day of sales. Further changes of prices of goods sold on credit shall not result in recalculation, unless otherwise provided for by the contract.
Where the purchaser that has received the goods fails to make a payment for them within the term provided for by the purchase and sales contract, the seller shall have the right to require payment for the transferred goods or return of the goods unpaid.
Where the purchaser fails to pay for the transferred goods within the term provided for by the contract, and unless otherwise provided for by this Code or by the purchase and sales contract, interests shall be due on the default amount in conformity with Article 411 of this Code starting from the date when according to the contract a payment should have been made by the purchaser for the goods up to the date of payment for the goods.
A duty of the purchaser may be provided for by the contract to pay interests on the sum complying with the price of the goods starting from the date of transferring the goods by the seller.
Goods sold on credit, starting from the moment of transferring them to the purchaser and up to the moment of the payment for them, shall be deemed to be pledged to the seller for securing the obligation of the purchaser to pay for the goods, unless otherwise provided for by the purchase and sales contract.
