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Template installment-sale@0.0.3

This is a clause for a simple installment sale.

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Model Dependencies

  • None


"Dan" agrees to pay to "Ned" the total sum e10000, in the manner following:

E500 is to be paid at closing, and the remaining balance of E9500 shall be paid as follows:

E500 or more per month on the first day of each and every month, and continuing until the entire balance, including both principal and interest, shall be paid in full -- provided, however, that the entire balance due plus accrued interest and any other amounts due here-under shall be paid in full on or before 24 months.

Monthly payments shall include both principal and interest with interest at the rate of 1.5%, computed monthly on the remaining balance from time to time unpaid.



Installment Sale

This is a smart legal clause that conforms to the Accord Protocol Template Specification, the protocol is managed by the open-source community of the Accord Project. The clause can be parsed and executed by the Cicero engine.


A simple clause for a sale paid in installments.

This clause contains:

Running this clause

On your own machine

  1. Download the Cicero template library

  2. Unzip the library with your favourite tool

  3. Then from the command-line, change the current directory to the folder containing this file.

cd installment-sale
  1. With the Cicero command-line tool:
cicero execute --template ./ --sample ./sample.txt --request ./request.json --state./state.json

Note, all of the command-line flags (like --template) are optional.

Alternatively you can use the simpler command below if you want to use all of the default files.

cicero execute

You should see the following output in your terminal:

mattmbp:installment-sale matt$ cicero execute
18:29:01 - info: Logging initialized. 2018-05-15T22:29:01.219Z
18:29:01 - info: Using current directory as template folder
18:29:01 - info: Loading a default sample.txt file.
18:29:01 - info: Loading a single default request.json file.
18:29:01 - info: Loading a default state.json file.
18:29:01 - info: {"clause":"installment-sale@0.0.3-7018ffb6733ef40574833128bff20f82bd305f8db438256d6921409da08bec2c","request":{"$class":"org.accordproject.installmentsale.Installment","amount":2500},"response":{"$class":"org.accordproject.installmentsale.Balance","balance":7612.499999999999,"total_paid":2500,"transactionId":"99d68c6b-87df-43c2-b44f-3f409eef3480","timestamp":"2018-05-15T22:29:01.945Z"},"state":{"$class":"org.accordproject.installmentsale.InstallmentSaleState","status":"WaitingForFirstDayOfNextMonth","balance_remaining":7612.499999999999,"next_payment_month":4,"total_paid":2500,"stateId":"org.accordproject.installmentsale.InstallmentSaleState#1"},"emit":[{"$class":"org.accordproject.installmentsale.PaymentObligation","from":"Dan","to":"Ned","amount":2500,"eventId":"valid","timestamp":"2018-05-15T22:29:01.946Z"}]}

Sample Payload Data

Request, as in request.json

    "$class": "org.accordproject.installmentsale.Installment",
    "amount": 2500.00

For the request above, you should see the following response:

  "$class": "org.accordproject.installmentsale.Balance",
  "balance": 7612.499999999999,
  "total_paid": 2500,
  "transactionId": "4c2c8861-6557-46e9-840e-b0e39e410e49",
  "timestamp": "2018-05-08T15:24:04.434Z"

Testing this clause

This clause comes with an automated test that ensures that it executes correctly under different conditions. To test the clause, complete the following steps.

You need npm and node to test a clause. You can download both from here.

This clause was tested with Node v8.9.3 and NPM v5.6.0

From the installment-sale directory.

  1. Install all of the dependencies.
npm install
  1. Run the tests
npm test

If successful, you should see the following output

mattmbp:installment-sale matt$ npm test

> installment-sale@0.0.3 test /Users/matt/dev/accordproject/cicero-template-library/installment-sale
> mocha

21:57:31 - info: Logging initialized. 2018-02-17T21:57:31.074Z

      ✓ pay one installment
      ✓ pay in four installments

  4 passing (458ms)