The Installment Plan Agreement is essential for businesses operating in Indonesia that offer goods or services on a payment plan basis. This document is particularly relevant in today's market where flexible payment options are increasingly demanded by consumers and businesses alike. The agreement must comply with Indonesian legal requirements, including the Civil Code, Consumer Protection Law, and Financial Services Authority regulations. It is designed to protect both the seller's and buyer's interests by clearly defining payment terms, ownership rights, and default consequences. The document is typically used for significant purchases where immediate full payment is not practical or desired, and can be adapted for various industries from retail to industrial equipment. The agreement includes crucial elements such as payment schedules, interest calculations (if applicable), security provisions, and transfer of title conditions, all structured to ensure enforceability under Indonesian law.
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1. Parties: Identifies and provides full details of the parties entering into the agreement, including their legal names, addresses, and registration numbers if applicable
2. Background: Provides context for the agreement and outlines the intention of the parties to enter into an installment payment arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Subject Matter: Describes the product(s) or service(s) being purchased under the installment plan
5. Purchase Price and Payment Terms: Specifies the total purchase price, down payment, number of installments, installment amounts, and payment schedule
6. Payment Method: Details the accepted methods of payment and processing procedures
7. Delivery and Transfer of Title: Outlines when and how the goods will be delivered and when legal ownership transfers
8. Rights and Obligations: Lists the specific rights and obligations of both parties under the agreement
9. Default and Consequences: Defines what constitutes default and the consequences of missing payments or other breaches
10. Termination: Specifies conditions under which the agreement can be terminated and the consequences
11. Governing Law: Confirms Indonesian law as governing law and specifies jurisdiction for disputes
12. Notices: Specifies how formal communications between parties should be made and delivered
13. Execution: Formal closing section with signature blocks and witness provisions as required under Indonesian law
1. Security Deposit: Include when a security deposit is required to secure the installment payments
2. Insurance: Include when insurance is required for the purchased items during the installment period
3. Warranties and Representations: Include for complex products or when specific performance guarantees are offered
4. Early Payment Provisions: Include when early payment options and possible discounts are offered
5. Assignment: Include when either party may need to transfer their rights or obligations
6. Force Majeure: Include when specific provisions for unforeseen circumstances affecting performance are needed
7. Maintenance and Support: Include when ongoing maintenance or support services are part of the agreement
8. Return Policy: Include when specific return or exchange rights are granted during the installment period
1. Payment Schedule: Detailed breakdown of all installment payments, including dates, amounts, and running balances
2. Product Specifications: Detailed description and specifications of the products being purchased
3. Delivery Schedule: If applicable, detailed timeline for delivery of goods or implementation of services
4. Interest Calculation: Method and examples of interest calculations if applicable
5. Documentation Requirements: List of required documents for processing the installment plan
6. Collection Procedures: Detailed procedures for payment collection and handling of late payments
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