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Installment Plan Contract

Installment Plan Contract Template for Philippines

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Key Requirements PROMPT example:

Installment Plan Contract

"I need an Installment Plan Contract for the sale of industrial manufacturing equipment worth PHP 5,000,000 to be paid over 24 months starting March 2025, with a 20% down payment and monthly installments, including provisions for equipment maintenance and warranty."

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Document background
The Installment Plan Contract is essential for businesses operating in the Philippines that offer goods or services on a deferred payment basis. This document is particularly relevant in today's market where financing options are increasingly important for both business-to-business and business-to-consumer transactions. It must comply with Philippine regulations, particularly the Truth in Lending Act (RA 3765), Consumer Act (RA 7394), and relevant Bangko Sentral ng Pilipinas (BSP) circulars. The contract outlines payment terms, interest rates, and security arrangements while ensuring consumer protection through mandatory disclosures. It's commonly used for high-value purchases in various sectors, from automotive to industrial equipment, and includes provisions for both parties' rights and obligations, default scenarios, and remedies.
Suggested Sections

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

2. Background: Context of the agreement and brief description of the transaction

3. Definitions: Definition of key terms used throughout the contract

4. Subject Matter: Detailed description of the goods or services being purchased on installment

5. Purchase Price and Payment Terms: Total purchase price, down payment, number of installments, amount of each installment, and payment schedule

6. Interest Rate and Finance Charges: Clear disclosure of interest rates and all finance charges as required by the Truth in Lending Act

7. Payment Method: Specified method(s) of payment and payment processing details

8. Title and Risk: Terms regarding when title passes to the buyer and risk allocation

9. Warranties and Representations: Warranties provided for the goods/services and representations of both parties

10. Default and Remedies: Conditions constituting default and available remedies including repossession rights

11. Termination: Circumstances and procedures for contract termination

12. Governing Law: Specification of Philippine law as governing law and jurisdiction

Optional Sections

1. Security: Terms regarding any security or collateral required for the installment plan

2. Insurance: Requirements for insurance coverage of the purchased items, if applicable

3. Delivery Terms: Specific arrangements for delivery of goods, if applicable

4. Assignment: Terms regarding the ability to assign rights or obligations under the contract

5. Pre-payment: Terms and conditions for early payment of the installment plan

6. Force Majeure: Provisions for unforeseen circumstances affecting contract performance

7. Electronic Communications: Terms for electronic notices and communications if relevant under E-Commerce Act

Suggested Schedules

1. Schedule A - Payment Schedule: Detailed breakdown of all payments including dates, amounts, and allocation between principal and interest

2. Schedule B - Product Specifications: Detailed description of goods/services including model numbers, specifications, and quantities

3. Schedule C - Disclosure Statement: Truth in Lending Act disclosures including computation of finance charges and effective interest rate

4. Schedule D - Delivery Schedule: If applicable, detailed timeline and terms for delivery of goods

5. Appendix 1 - Required Documents: List of required documentation from buyer including valid IDs and proof of income

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 Industries

Retail

Automotive

Real Estate

Consumer Electronics

Furniture and Home Furnishings

Industrial Equipment

Construction

Agricultural Equipment

Medical Equipment

Technology

Relevant Teams

Legal

Finance

Sales

Credit and Collections

Compliance

Risk Management

Operations

Customer Service

Business Development

Account Management

Relevant Roles

Legal Counsel

Finance Manager

Credit Manager

Sales Manager

Contract Administrator

Compliance Officer

Risk Manager

Business Development Manager

Collections Manager

Customer Service Manager

Operations Manager

Chief Financial Officer

Credit Analyst

Account Executive

Industries
Civil Code of the Philippines (Republic Act No. 386): Provides the basic framework for contracts, including formation, validity, obligations, and remedies for breach of contract
Truth in Lending Act (Republic Act No. 3765): Requires disclosure of finance charges and other key terms in credit transactions, including installment purchases
Consumer Act of the Philippines (Republic Act No. 7394): Protects consumers in credit sales and installment transactions, including mandatory disclosures and consumer rights
Electronic Commerce Act (Republic Act No. 8792): Governs electronic transactions and digital signatures if the contract is to be executed electronically
Bangko Sentral ng Pilipinas (BSP) Circular No. 1098: Provides guidelines on credit transactions and financial consumer protection
Anti-Usury Law (Act No. 2655): Regulates interest rates and charges that can be imposed on credit transactions and installment payments
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

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