The Retail Installment Agreement is a critical document used in Australian retail transactions where customers purchase goods or services through scheduled payments rather than a single lump sum. This agreement type is specifically designed to comply with Australian consumer credit legislation, including the National Consumer Credit Protection Act 2009 and the National Credit Code. The document details the complete terms of the installment purchase, including product specifications, payment schedule, interest rates, fees, and security interests. It incorporates mandatory consumer protections and disclosures required by Australian law, making it suitable for retailers offering payment plans while ensuring compliance with federal and state regulations regarding consumer credit and retail sales.

1. Parties: Identification of the credit provider/seller and the customer/purchaser

2. Background: Context of the agreement and purpose of the retail installment arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Product or Service Details: Description of the goods or services being purchased under the installment plan

5. Purchase Price and Payment Terms: Total purchase price, deposit amount, installment amounts, payment schedule, and payment methods

6. Interest and Fees: Details of any interest charges, establishment fees, account keeping fees, and late payment fees

7. Term of Agreement: Duration of the installment agreement and key dates

8. Payment Default and Consequences: What constitutes default and the consequences of missing payments

9. Security Interest: Details of any security interest retained in the goods until full payment

10. Consumer Rights and Protections: Statutory rights under Australian Consumer Law and credit legislation

11. Privacy and Data Protection: How customer information will be collected, used, and protected

12. Notices: How formal communications between parties will be made and received

13. Governing Law: Specification of Australian law and jurisdiction

14. Execution: Signing provisions and declaration of understanding