The Credit Sale Agreement is commonly used in Hong Kong when businesses or individuals wish to purchase goods while spreading the payment over an agreed period. This document is essential for transactions where the seller extends credit to the purchaser, allowing them to take possession of goods while paying the purchase price in installments. The agreement must comply with Hong Kong's regulatory requirements, particularly the Money Lenders Ordinance and Sale of Goods Ordinance, and typically includes detailed provisions on payment terms, interest rates, security interests, and default remedies. It's particularly important for high-value purchases and provides protection for both parties by clearly documenting their rights and obligations throughout the credit period.
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1. Parties: Identification and details of the seller and purchaser
2. Background: Context of the transaction and relationship between the parties
3. Definitions and Interpretation: Defined terms and rules for interpreting the agreement
4. Sale and Purchase: Core terms of the sale including description of goods and purchase price
5. Credit Terms: Payment schedule, interest rates, and credit period details
6. Delivery and Acceptance: Terms regarding delivery of goods and acceptance procedures
7. Title and Risk: Provisions about when title passes and risk allocation
8. Security Interest: Details of any security interest retained in the goods
9. Representations and Warranties: Statements of fact and promises by both parties
10. Events of Default: Circumstances constituting default and consequences
11. Enforcement Rights: Seller's rights upon default including repossession
12. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Insurance: Required when insurance of goods is mandatory or agreed upon
2. Guarantees: Used when a third-party guarantee is required for the credit
3. Early Payment Provisions: Include when early payment options or discounts are offered
4. Assignment: Include when either party needs right to assign the agreement
5. Import/Export Provisions: Required for international sales involving customs/duties
6. Maintenance and Service: Include for goods requiring ongoing maintenance or service
7. Data Protection: Required when significant personal data processing is involved
8. Force Majeure: Include for long-term credit sales or high-value goods
1. Schedule 1 - Description of Goods: Detailed specification of goods being sold
2. Schedule 2 - Payment Schedule: Detailed payment terms including installment amounts and dates
3. Schedule 3 - Interest Calculation: Method and examples of interest calculation
4. Schedule 4 - Delivery Details: Specific delivery instructions and locations
5. Schedule 5 - Form of Notice: Standard forms for various notices under the agreement
6. Appendix A - Condition Report: Initial condition of goods (for valuable or used items)
7. Appendix B - Required Insurance: Insurance requirements and specifications
8. Appendix C - Guarantee Form: Form of guarantee if third-party guarantor is involved
Relevant legal definitions
Clauses
Relevant Industries
Retail
Manufacturing
Automotive
Consumer Electronics
Industrial Equipment
Furniture and Home Furnishings
Construction Equipment
Agricultural Equipment
Medical Equipment
Technology Hardware
Heavy Machinery
Office Equipment
Telecommunications Equipment
Relevant Teams
Legal
Finance
Sales
Credit Control
Risk Management
Compliance
Commercial Operations
Treasury
Business Development
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Sales Director
Commercial Director
Legal Counsel
Contracts Manager
Risk Manager
Credit Controller
Business Development Manager
Operations Manager
Compliance Officer
Treasury Manager
Account Manager
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