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The Bill of Sale Contract With Payments is essential for transactions in the Philippines where property is sold with deferred or installment payments rather than a single lump sum. This document is commonly used for high-value purchases such as vehicles, equipment, or business assets, where immediate full payment is not practical or desired. It must comply with Philippine legislation, including the Civil Code, Truth in Lending Act, and relevant consumer protection laws. The contract typically includes detailed payment schedules, interest calculations, default provisions, and specific conditions for ownership transfer. It provides legal protection for both parties by clearly documenting the transaction terms, warranty provisions, and remedies in case of default, while ensuring all required disclosures under Philippine law are properly addressed.

1. Parties: Identifies and provides complete details of the seller and buyer, including their legal names, addresses, and tax identification numbers

2. Background: Establishes the context of the sale and confirms the seller's ownership and right to sell the property

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Subject Matter of Sale: Detailed description of the property being sold, including all relevant specifications, conditions, and identifying information

5. Purchase Price: States the total purchase price and specifies the currency

6. Payment Terms: Details the payment schedule, including down payment, installment amounts, due dates, and payment methods

7. Interest and Late Payment Charges: Specifies interest rates on installments and penalties for late payments in compliance with Philippine usury laws

8. Delivery and Transfer of Ownership: Stipulates when and how the property will be delivered and when ownership transfers to the buyer

9. Warranties and Representations: Seller's warranties regarding the property's condition, title, and absence of encumbrances

10. Default and Remedies: Outlines what constitutes default and the remedies available to either party

11. Governing Law and Jurisdiction: Confirms Philippine law as governing law and specifies jurisdiction for dispute resolution