Vehicle Sales Agreement Payment Plan Template for Indonesia

The Vehicle Sales Agreement Payment Plan is essential for transactions involving the sale of vehicles with installment payment arrangements in Indonesia. This document is primarily used when a buyer wishes to purchase a vehicle through structured payments rather than a single lump sum payment. The agreement must comply with Indonesian legal requirements, including the Civil Code (KUHPerdata), Law No. 8 of 1999 on Consumer Protection, and OJK regulations governing financing arrangements. It includes comprehensive details about the vehicle, payment terms, ownership transfer procedures, insurance requirements, and security interests. The document is particularly important for protecting both seller and buyer interests in Indonesian vehicle transactions, ensuring clear documentation of payment obligations, and establishing proper security interests under Indonesian law.

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

2. Background: Context of the agreement, including the Seller's ownership of the vehicle and Buyer's intention to purchase under a payment plan

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

4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, color, engine number, chassis number, and registration details

5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment schedule, and payment method

6. Delivery and Transfer of Ownership: Terms and conditions for vehicle delivery and gradual transfer of ownership rights

7. Seller's Representations and Warranties: Warranties regarding vehicle condition, ownership, and absence of encumbrances

8. Buyer's Obligations: Buyer's responsibilities including timely payments, insurance maintenance, and vehicle maintenance requirements

9. Default and Remedies: Consequences of payment default and available remedies for both parties

10. Insurance Requirements: Mandatory insurance coverage and responsibilities for maintaining insurance

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

12. Governing Law and Dispute Resolution: Application of Indonesian law and dispute resolution procedures

13. General Provisions: Standard clauses including notices, amendments, and severability