The Installment Agreement Form is a crucial legal document used in Hong Kong when goods or services are to be paid for through multiple scheduled payments rather than a single lump sum. This document is essential for businesses offering financing options to customers or in business-to-business transactions involving staged payments. The agreement must comply with Hong Kong's legal requirements, particularly the Money Lenders Ordinance and Contract Law, while providing clear terms for payment schedules, interest calculations, and default procedures. It serves to protect both the seller's right to receive payment and the buyer's interest in transparent payment terms, incorporating necessary consumer protection elements required under Hong Kong law.
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1. Parties: Identifies and provides full details of all parties to the agreement, including registration/ID numbers
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 purchase price and details of installment payments including amounts, due dates, and payment methods
5. Interest and Late Payment Charges: Details any interest charges and penalties for late or missed payments
6. Security and Collateral: Specifies any security or collateral required to secure the installment payments
7. Default and Remedies: Outlines what constitutes default and the remedies available to the creditor
8. Representations and Warranties: States the promises and guarantees made by each party
9. Notices: Specifies how and where official communications between parties should be sent
10. Governing Law and Jurisdiction: Confirms Hong Kong law governs the agreement and jurisdiction for disputes
11. Execution: Signature blocks and execution details
1. Early Payment Provisions: Details terms for early repayment of the installments, including any discounts or penalties
2. Insurance Requirements: Specifies insurance requirements for goods purchased under installment, if applicable
3. Assignment: Terms regarding the ability to assign rights or obligations under the agreement
4. Force Majeure: Provisions for unforeseen circumstances affecting payment ability
5. Guarantor Provisions: Terms relating to guarantors if required for the installment payments
6. Electronic Payment Authorization: Terms for automatic electronic payment arrangements if applicable
1. Schedule 1 - Payment Schedule: Detailed breakdown of all installment payments, amounts, and due dates
2. Schedule 2 - Description of Goods/Services: Detailed description of the goods or services being purchased under installment
3. Schedule 3 - Direct Debit Authorization: Form for automatic payment setup if applicable
4. Appendix A - Required Documents: List of required documents such as ID proof, income statements, etc.
5. Appendix B - Terms and Conditions: Detailed standard terms and conditions applicable to the installment agreement
Relevant legal definitions
Agreement
Applicable Law
Business Day
Collateral
Commencement Date
Default Event
Default Interest Rate
Down Payment
Due Date
Early Payment
Effective Date
Event of Default
Final Payment Date
Goods
Guarantor
HKD
Initial Payment
Installment Amount
Installment Payment Date
Installment Period
Interest Rate
Late Payment Fee
Notice
Outstanding Balance
Parties
Payment Schedule
Principal Amount
Purchase Price
Repayment Schedule
Security
Security Interest
Services
Term
Total Amount Payable
Working Day
Applicable Law
Business Day
Collateral
Commencement Date
Default Event
Default Interest Rate
Down Payment
Due Date
Early Payment
Effective Date
Event of Default
Final Payment Date
Goods
Guarantor
HKD
Initial Payment
Installment Amount
Installment Payment Date
Installment Period
Interest Rate
Late Payment Fee
Notice
Outstanding Balance
Parties
Payment Schedule
Principal Amount
Purchase Price
Repayment Schedule
Security
Security Interest
Services
Term
Total Amount Payable
Working Day
Clauses
Payment Terms
Interest
Security
Default
Representations and Warranties
Termination
Force Majeure
Assignment
Notices
Confidentiality
Governing Law
Dispute Resolution
Entire Agreement
Severability
Amendment
Waiver
Time of Essence
Further Assurance
Costs and Expenses
Early Repayment
Late Payment
Default Interest
Acceleration
Insurance
Title Retention
Repossession
Electronic Payment Authorization
Data Protection
Anti-Money Laundering
Compliance with Laws
Interest
Security
Default
Representations and Warranties
Termination
Force Majeure
Assignment
Notices
Confidentiality
Governing Law
Dispute Resolution
Entire Agreement
Severability
Amendment
Waiver
Time of Essence
Further Assurance
Costs and Expenses
Early Repayment
Late Payment
Default Interest
Acceleration
Insurance
Title Retention
Repossession
Electronic Payment Authorization
Data Protection
Anti-Money Laundering
Compliance with Laws
Relevant Industries
Retail
Financial Services
Automotive
Real Estate
Consumer Electronics
Furniture and Home Furnishings
Industrial Equipment
Construction
Medical Equipment
Education Services
Relevant Teams
Legal
Finance
Credit Control
Sales
Compliance
Risk Management
Collections
Customer Service
Operations
Account Management
Relevant Roles
Credit Manager
Financial Controller
Legal Counsel
Contract Administrator
Sales Manager
Finance Director
Credit Risk Officer
Collections Manager
Compliance Officer
Business Development Manager
Account Executive
Chief Financial Officer
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