The Credit Sales Agreement is a crucial document used in Indonesian commercial transactions where goods are sold on credit terms rather than immediate payment. This agreement type is particularly important in Indonesia's growing commercial sector, where businesses often require flexible payment arrangements for significant purchases. The document must comply with Indonesian Civil Code requirements and financial regulations, including Law No. 42 of 1999 on Fiduciary Security and relevant OJK regulations. It typically includes comprehensive provisions on payment schedules, security arrangements, default mechanisms, and remedies, making it suitable for both business-to-business and business-to-consumer transactions where deferred payment terms are necessary.
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1. Parties: Identifies and provides full details of the seller/creditor and buyer/debtor, including registration numbers and addresses
2. Background: Sets out the context of the agreement, including the seller's business, buyer's intent to purchase on credit terms, and any relevant preliminary discussions
3. Definitions: Defines key terms used throughout the agreement, including payment terms, credit period, and relevant financial terminology
4. Sale and Purchase: Details the goods being sold, including specifications, quantity, and delivery terms
5. Purchase Price and Payment Terms: Specifies the total purchase price, down payment, credit amount, interest rate, and payment schedule
6. Delivery and Acceptance: Outlines delivery procedures, inspection rights, and acceptance criteria for the goods
7. Title and Risk: Specifies when title passes to the buyer and allocation of risk, particularly important in credit sales
8. Security Arrangements: Details any security interests, guarantees, or collateral provided to secure the credit
9. Representations and Warranties: States the parties' representations regarding their capacity, authority, and financial condition
10. Events of Default: Lists circumstances constituting default and consequences thereof
11. Remedies: Outlines available remedies in case of breach or default
12. General Provisions: Contains standard clauses including notices, amendments, governing law, and dispute resolution
1. Insurance: Required when specific insurance coverage is needed for the goods during the credit period
2. Third Party Guarantee: Used when a third party provides additional security for the buyer's obligations
3. Maintenance and Service: Included when the goods require ongoing maintenance or service during the credit period
4. Intellectual Property: Required when the goods involve intellectual property rights or licenses
5. Export/Import Provisions: Necessary for international credit sales involving cross-border transactions
6. Early Payment Provisions: Details terms for early repayment and any applicable discounts
7. Force Majeure: Optional but recommended for longer-term credit arrangements to address unforeseen circumstances
1. Schedule 1 - Goods Description: Detailed specifications and descriptions of the goods being sold
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments, due dates, and amounts
3. Schedule 3 - Delivery Schedule: Timeline and specifics of delivery arrangements if multiple deliveries are involved
4. Schedule 4 - Security Documents: Forms of security documents, guarantees, or collateral agreements
5. Schedule 5 - Condition Report: Initial condition report of goods (if applicable)
6. Appendix A - Required Documents: List of documents required from buyer including financial statements, permits
7. Appendix B - Form of Notice: Standard forms for various notices under the agreement
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