When property or goods will only be sold if certain, agreed upon conditions are met by both parties.
Also known as a security agreement. An agreement with an option to purchase the leased property at the expiration of the lease term at a bargain purchase price. This purchase price is predetermined, and the user of the equipment is treated from the start as the owner of the equipment.
a sale in which the buyer receives title to the property only upon the performance of some condition (usually the full payment of the purchase price)