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Credit Sale Agreement
"I need a Credit Sale Agreement for the sale of manufacturing equipment worth PHP 5,000,000 to a medium-sized business in Manila, with 20% down payment and the balance payable in 24 monthly installments starting March 2025, including provisions for equipment insurance and maintenance."
1. Parties: Identification of the Seller/Creditor and the Buyer/Debtor with complete details as required by Philippine law
2. Background: Context of the transaction and relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core terms of the sale including description of goods and transfer of ownership
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment schedule, and interest rate calculations as per Truth in Lending Act requirements
6. Delivery and Acceptance: Terms regarding delivery, inspection, and acceptance of goods
7. Title and Risk: Provisions about when title passes and risk allocation
8. Security Interest: Details of security interest over the goods until full payment
9. Representations and Warranties: Standard warranties about the goods and representations by both parties
10. Events of Default: Circumstances constituting default and consequences
11. Remedies: Rights and remedies of parties upon default or breach
12. Insurance: Requirements for insurance of goods during the credit period
13. General Provisions: Standard boilerplate clauses including notices, amendments, governing law
14. Execution: Signature blocks and execution formalities
1. Guaranty: Used when a third-party guarantor is securing the buyer's obligations
2. Electronic Payments: Include when payments will be made through electronic means
3. Collateral: When additional collateral beyond the purchased goods is required
4. Pre-payment: Terms for early payment options and any associated penalties or benefits
5. Post-dated Checks: When PDCs are used as payment security
6. Assignment: If either party needs the right to assign the agreement
7. Force Majeure: When specific force majeure provisions are needed beyond standard provisions
1. Schedule 1 - Description of Goods: Detailed specification of goods being sold
2. Schedule 2 - Payment Schedule: Detailed amortization schedule showing all payments, interest, and principal portions
3. Schedule 3 - Delivery Details: Specific delivery instructions and requirements
4. Schedule 4 - Truth in Lending Disclosure Statement: Mandatory disclosure of credit terms as required by Philippine law
5. Schedule 5 - Insurance Requirements: Detailed insurance specifications and requirements
6. Appendix A - Form of Promissory Note: Template promissory note if required
7. Appendix B - Security Agreement: Detailed terms of security arrangement if separate from main agreement
8. Appendix C - Guarantee Form: Form of guarantee if third-party guarantor is involved
Authors
Applicable Law
Business Day
Buyer
Collateral
Completion Date
Conditions Precedent
Confidential Information
Delivery Date
Delivery Location
Down Payment
Default Interest Rate
Default Notice
Effective Date
Events of Default
Finance Charge
Goods
Guarantor
Installment Payment
Insurance Requirements
Interest Rate
Material Adverse Effect
Payment Date
Payment Schedule
Purchase Price
Principal Amount
Security Interest
Seller
Specifications
Term
Title Documents
Total Amount Payable
Truth in Lending Disclosure
Warranties
Working Hours
Payment Terms
Credit Terms
Interest
Security Interest
Title and Risk
Delivery
Insurance
Representations and Warranties
Conditions Precedent
Default
Acceleration
Remedies
Assignment
Guaranty
Force Majeure
Notices
Confidentiality
Governing Law
Dispute Resolution
Amendment
Severability
Entire Agreement
Further Assurance
Counterparts
Electronic Execution
Anti-Money Laundering
Data Privacy
Taxes
Indemnification
Manufacturing
Retail
Automotive
Construction
Agriculture
Technology
Industrial Equipment
Transportation
Healthcare
Real Estate
Mining
Telecommunications
Heavy Equipment
Consumer Goods
Legal
Finance
Sales
Credit Control
Risk Management
Commercial
Procurement
Compliance
Operations
Treasury
Business Development
Account Management
Legal Counsel
Finance Manager
Credit Manager
Sales Director
Commercial Director
Risk Manager
Procurement Manager
Contract Administrator
Business Development Manager
Chief Financial Officer
Operations Manager
Credit Analyst
Compliance Officer
Account Manager
Treasury Manager
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