Bill Of Sale And Promissory Note Auto Template for Indonesia

The Bill Of Sale And Promissory Note Auto is a crucial document in Indonesian vehicle transactions where immediate full payment is not made. This document type serves dual purposes: legally transferring vehicle ownership while establishing a binding payment obligation. It must comply with Indonesian Civil Code requirements, Law No. 22 of 2009 on Traffic and Road Transportation, and relevant financial regulations. The document includes comprehensive vehicle details, payment terms, ownership transfer conditions, and security provisions. It's commonly used by dealerships, private sellers, and commercial fleet operators in Indonesia, providing legal protection for both seller and buyer while ensuring proper documentation for vehicle registration authorities. The combined format streamlines the transaction process by incorporating all necessary elements in a single, legally-binding document.

1. Parties: Identification of the Seller and Buyer with complete legal names, addresses, and identification numbers as required by Indonesian law

2. Background: Brief context of the transaction and relationship between parties

3. Definitions: Key terms used throughout the document including Vehicle, Purchase Price, Payment Schedule, and other relevant terms

4. Vehicle Description: Detailed description of the vehicle including make, model, year, color, VIN/chassis number, engine number, and current registration details

5. Purchase Price and Payment Terms: Total purchase price, down payment amount, and terms of the promissory note including payment schedule

6. Promise to Pay: Formal promissory note language establishing the buyer's legal obligation to pay the agreed amount

7. Transfer of Ownership: Terms of ownership transfer, including timing and conditions

8. Representations and Warranties: Seller's declarations about vehicle condition, ownership, and liens; Buyer's acknowledgments

9. Documentation and Registration: Requirements for vehicle documentation transfer and registration under Indonesian law

10. Default and Remedies: Consequences of payment default and available legal remedies

11. Governing Law: Specification of Indonesian law as governing law and jurisdiction