All Countries
Banking
Installment Payment Agreement

Installment Payment Agreement Template for Philippines

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Installment Payment Agreement

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Installment Payment Agreement

"I need an Installment Payment Agreement for the sale of industrial equipment worth PHP 2.5 million to be paid over 24 months starting March 2025, with a 12% annual interest rate and the equipment itself serving as collateral."

Celebrated by
Collaborations with
Investors
Document background
The Installment Payment Agreement is a vital legal instrument in Philippine commerce, used when goods, services, or property are to be paid for in multiple scheduled payments rather than a single lump sum. This document type is essential for businesses offering financing options and is commonly used in both commercial and consumer transactions. The agreement must comply with several Philippine laws, including the Civil Code, Truth in Lending Act, and Consumer Act, particularly regarding interest rate disclosures and consumer protections. It's frequently used in retail, real estate, and vehicle purchases, as well as business-to-business transactions where payment terms need to be structured. The document includes comprehensive details about payment schedules, interest calculations, default provisions, and remedies, while ensuring compliance with Philippine banking regulations and financial disclosure requirements.
Suggested Sections

1. Parties: Identification of the creditor/seller and debtor/buyer with complete details as required under Philippine law

2. Background: Description of the underlying transaction or debt being paid in installments

3. Definitions: Key terms used throughout the agreement, including payment-related terminology

4. Amount and Payment Terms: Total amount owed, number of installments, payment amounts, and due dates

5. Interest and Charges: Interest rate, calculation method, and any additional charges in compliance with Philippine banking regulations

6. Mode of Payment: Accepted payment methods and payment processing details

7. Default and Remedies: Consequences of missed payments and creditor's remedies under Philippine law

8. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority to enter into the agreement

9. Term and Termination: Duration of the agreement and circumstances for early termination

10. Governing Law and Jurisdiction: Explicit statement of Philippine law governance and jurisdiction for disputes

11. Miscellaneous Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments

Optional Sections

1. Security Interest: Required if the installment payment is secured by collateral, must comply with Personal Property Security Act requirements

2. Guaranty: Include when a third-party guarantor is securing the payment obligations

3. Insurance: Required when the underlying asset needs to be insured during the payment period

4. Early Payment Options: Terms for early payoff or accelerated payments if allowed

5. Assignment: Include if either party may assign their rights under the agreement

6. Electronic Payment Terms: Required if payments will be made electronically, must comply with E-Commerce Act

7. Post-dated Checks: Include if post-dated checks are being used as payment method

Suggested Schedules

1. Payment Schedule: Detailed amortization table showing all installment amounts, due dates, and interest breakdown

2. Collateral Description: Detailed description of any security or collateral provided

3. Disclosure Statement: Truth in Lending Act disclosures including effective interest rate and total cost of credit

4. Fees and Charges: Breakdown of all applicable fees and charges

5. Required Documents: List of supporting documents to be attached to the agreement

6. Authorized Payment Locations: List of approved payment centers or methods if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Relevant Industries

Retail

Real Estate

Automotive

Consumer Goods

Manufacturing

Construction

Electronics

Furniture and Appliances

Industrial Equipment

Financial Services

Small and Medium Enterprises

Relevant Teams

Legal

Finance

Sales

Credit and Collections

Risk Management

Compliance

Treasury

Operations

Business Development

Customer Service

Relevant Roles

Credit Manager

Finance Director

Sales Manager

Legal Counsel

Contracts Administrator

Collections Officer

Account Executive

Risk Manager

Compliance Officer

Treasury Manager

Business Development Manager

Financial Controller

Credit Analyst

Operations Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts, obligations, and general principles of Philippine contract law, including formation, validity, and performance of contracts
Truth in Lending Act (Republic Act No. 3765): Requires disclosure of finance charges and loan terms in credit transactions, ensuring transparency in installment payment arrangements
Consumer Act of the Philippines (Republic Act No. 7394): Protects consumer rights and interests, including regulations on installment sales, warranties, and unfair trade practices
Personal Property Security Act (Republic Act No. 11057): Governs secured transactions involving movable property, relevant if the installment agreement includes security interests
Usury Law (Act No. 2655): Although largely superseded, still provides basic framework for interest rate regulations and limitations
Electronic Commerce Act (Republic Act No. 8792): Relevant for electronic transactions and digital signatures if the agreement is executed electronically
Central Bank (BSP) Circulars on Interest Rates: Regulations from Bangko Sentral ng Pilipinas governing interest rates and financial charges in credit transactions
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Full Payment Agreement Letter

A formal letter documenting full payment settlement and debt release under Philippine law, providing legal confirmation of completed financial obligations.

find out more

Motorcycle Installment Agreement Form

A Philippine law-compliant agreement outlining terms and conditions for motorcycle purchase through installment payments, including financial obligations and ownership conditions.

find out more

Installment Plan Contract

A Philippine law-compliant contract establishing terms for purchase of goods/services through scheduled installment payments with necessary consumer protections and financial disclosures.

find out more

Payment Plan Letter

A formal document under Philippine law that establishes structured payment terms between creditor and debtor for settling outstanding obligations through installment payments.

find out more

Past Due Rent Payment Agreement

A Philippine law-compliant agreement establishing a payment plan for overdue rent between landlord and tenant, with specific terms for settling rental arrears.

find out more

Direct Debit Installment Agreement

A Philippine-compliant agreement authorizing automatic recurring deductions from a bank account for installment payments, subject to local banking and consumer protection regulations.

find out more

Partial Payment Agreement

A Philippine law-compliant agreement establishing terms for debt repayment through structured partial payments.

find out more

Agreement To Pay For Services

A Philippine law-governed agreement establishing payment terms and conditions for specified services, including service delivery requirements and payment obligations.

find out more

Vehicle Payment Plan Agreement

A Philippine law-governed agreement establishing terms for vehicle purchase through installment payments, including financial obligations and security arrangements.

find out more

Payment Installment Form

A Philippine-compliant legal document establishing terms for scheduled installment payments, including payment terms, interest rates, and default provisions.

find out more

Down Payment Agreement Form

A Philippine-law governed agreement that formalizes the terms and conditions of a down payment for purchase of goods, property, or services.

find out more

Debt Payment Agreement Form

A Philippine law-compliant agreement that formalizes debt repayment terms between creditor and debtor, including payment schedule and obligations.

find out more

Installment Payment Contract

A Philippine law-compliant contract establishing terms for purchase through periodic payments, with consumer protections and financial disclosures.

find out more

Installment Agreement Form

A Philippine law-compliant Installment Agreement Form that structures the sale of goods/services through periodic payments, incorporating required regulatory disclosures and protections.

find out more

Installment Agreement

A Philippine law-compliant agreement establishing terms for purchase payments in installments, including payment schedule, interest rates, and security provisions.

find out more

Installment Payment Agreement

A Philippine law-governed agreement establishing terms for scheduled installment payments, including payment details, interest rates, and default provisions.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: https://www.genieai.co/our-research
Oops! Something went wrong while submitting the form.

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our Trust Centre for more details and real-time security updates.

Read our Privacy Policy.