The Installment Sale Agreement is commonly used in the Philippines when selling high-value goods or equipment where immediate full payment is not practical or desired. This document is essential for businesses offering financing options to their customers while ensuring compliance with Philippine regulations, particularly the Truth in Lending Act and Consumer Act. It provides a comprehensive framework for the transaction, including detailed payment terms, interest calculations, warranties, and default provisions. The agreement is particularly important in protecting both seller's and buyer's interests by clearly documenting the terms of sale, payment obligations, and ownership transfer conditions. It's widely used across various industries and must incorporate specific provisions required under Philippine law, such as mandatory disclosures of finance charges and consumer protection measures.
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1. Parties: Identification and details of the Seller and Buyer, including complete legal names, addresses, and tax identification numbers
2. Background: Context of the transaction and brief description of the parties' intention to enter into an installment sale arrangement
3. Definitions: Definitions of key terms used throughout the agreement, including 'Goods', 'Installment Payments', 'Due Dates', etc.
4. Subject Matter of Sale: Detailed description of the goods being sold, including identification numbers, specifications, and condition
5. Purchase Price and Payment Terms: Total purchase price, down payment, number of installments, amount of each installment, and payment schedule
6. Interest Rate and Finance Charges: Clear statement of interest rate, finance charges, and total amount payable as required by the Truth in Lending Act
7. Delivery and Transfer of Ownership: Terms regarding delivery of goods and when ownership transfers to the buyer
8. Warranties and Representations: Warranties provided by the seller and representations made by both parties
9. Default and Remedies: Consequences of default, grace periods, and remedies available to both parties
10. Risk and Insurance: Allocation of risk and requirements for insurance of the goods
11. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
12. Miscellaneous Provisions: Standard provisions including severability, entire agreement, amendments, and notices
1. Security Interest: Details of any security interest or collateral required, used when additional security is needed beyond the goods themselves
2. Co-Maker or Guarantor: Terms relating to any guarantor or co-maker, included when there is a third-party guarantee
3. Maintenance and Use: Specific requirements for maintenance and permitted use of goods, particularly relevant for vehicles or machinery
4. Pre-payment Terms: Terms for early payment or full settlement, included when early payment options are offered
5. Return or Trade-in Options: Terms for returning or trading in the goods, included when such options are part of the agreement
6. Installation and Training: Terms regarding installation or training requirements, included for technical equipment or machinery
1. Schedule A - Description of Goods: Detailed technical specifications, photographs, or drawings of the goods
2. Schedule B - Payment Schedule: Detailed amortization table showing all installment payments, due dates, and breakdown of principal and interest
3. Schedule C - Delivery Details: Specific delivery instructions, locations, and timeframes
4. Schedule D - Warranty Terms: Detailed warranty terms, conditions, and procedures
5. Appendix 1 - Maintenance Requirements: Detailed maintenance schedules and requirements, if applicable
6. Appendix 2 - Insurance Requirements: Specific insurance requirements and minimum coverage details
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