This document serves as an Installment Agreement template designed for use under Hong Kong law, providing a structured framework for transactions where payment is made in multiple scheduled parts rather than as a single sum. It is particularly useful for high-value purchases, equipment financing, or service agreements where spreading payments over time is beneficial for both parties. The agreement incorporates key provisions required by Hong Kong legislation, including compliance with the Money Lenders Ordinance and Contract and Rights of Third Parties Ordinance. It can be customized to include security arrangements, personal guarantees, and specific payment terms while maintaining enforceability under Hong Kong law. The document is essential for businesses offering payment plans or companies seeking to formalize installment payment arrangements with their customers or suppliers.
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1. Parties: Identifies and provides full details of all parties to the agreement
2. Background: Explains the context and purpose of the installment agreement
3. Definitions: Defines key terms used throughout the agreement
4. Purchase Price and Payment Terms: Specifies the total amount payable and breaks down the installment structure
5. Payment Schedule: Details the dates, amounts, and method of each installment payment
6. Interest: Specifies any applicable interest rates and calculation methods
7. Default and Remedies: Outlines what constitutes default and the consequences/remedies available
8. Representations and Warranties: States the assertions and guarantees made by each party
9. Term and Termination: Specifies the duration of the agreement and conditions for early termination
10. Notices: Details how formal communications between parties should be made
11. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction for disputes
12. General Provisions: Contains standard boilerplate clauses including entire agreement, amendments, etc.
1. Security: Include when collateral or security is required for the installment payments
2. Personal Guarantee: Add when a personal guarantee is required from a director or related party
3. Insurance: Include when insurance is required for the subject matter of the agreement
4. Assignment: Add when rights to assign the agreement need to be specifically addressed
5. Confidentiality: Include when sensitive information will be shared between parties
6. Force Majeure: Add when specific provisions for unforeseen circumstances are needed
7. Early Payment Provisions: Include when early payment options or discounts are offered
1. Schedule 1 - Payment Schedule: Detailed breakdown of all installment payments, dates, and amounts
2. Schedule 2 - Asset Details: Description of any assets being purchased or used as security
3. Schedule 3 - Interest Calculation: Detailed method for calculating interest on installments
4. Schedule 4 - Form of Notice: Standard form for payment notices or default notices
5. Appendix A - Direct Debit Authorization: Form for setting up automatic payment arrangements
6. Appendix B - Personal Guarantee Form: Standard form for personal guarantee if required
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