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The Retail Installment Agreement is a crucial document used in Malaysian commerce when selling goods to consumers on a deferred payment basis. This agreement type is specifically designed to comply with Malaysian legislation, including the Hire-Purchase Act 1967 and Consumer Protection Act 1999, providing a structured framework for installment sales. It is commonly used by retailers, financial institutions, and merchants who offer financing options to customers for significant purchases. The document includes essential elements such as detailed product descriptions, payment schedules, interest calculations, and consumer rights, while incorporating mandatory provisions required by Malaysian law. The agreement serves multiple purposes: it protects the seller's financial interest, ensures clear understanding of payment obligations, and provides consumers with statutory protections and clarity regarding their rights and obligations.

1. Parties: Identification of the seller/financial institution and the buyer/customer, including full legal names and addresses

2. Background: Brief context of the transaction and purpose of the agreement

3. Definitions: Clear definitions of key terms used throughout the agreement, including 'Goods', 'Installment Payment', 'Term', etc.

4. Description of Goods: Detailed description of the goods being sold, including make, model, serial numbers, and specifications

5. Purchase Price and Payment Terms: Total purchase price, down payment, number of installments, installment amounts, and payment schedule

6. Interest Rate and Charges: Clear statement of interest rate, calculation method, and any additional charges or fees

7. Delivery and Acceptance: Terms regarding delivery of goods and customer acceptance procedures

8. Title and Risk: Provisions regarding transfer of title and risk in the goods

9. Customer Obligations: Key responsibilities of the customer including maintenance, insurance, and proper use of goods

10. Seller Warranties: Warranties provided by the seller and manufacturer warranties

11. Default and Remedies: Events of default and available remedies for both parties

12. Termination: Circumstances and procedures for early termination or completion of the agreement

13. Governing Law: Specification of Malaysian law as governing law and jurisdiction