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Installment Sale Contract

Installment Sale Contract Template for Philippines

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Key Requirements PROMPT example:

Installment Sale Contract

"I need an Installment Sale Contract for a commercial property in Manila, with monthly payments over 5 years starting March 2025, including provisions for early payment options and tenant subletting rights."

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The Installment Sale Contract is essential for transactions where the purchase price is paid through periodic installments rather than a single payment. This document type is commonly used in the Philippines for both commercial and consumer transactions, particularly in real estate, vehicle sales, and equipment purchases. It must comply with specific Philippine legislation, including the Civil Code, Maceda Law (for real estate), and the Truth in Lending Act. The contract typically includes detailed payment schedules, interest calculations, default provisions, and buyer protection clauses. It's particularly important in the Philippine context due to strict regulatory requirements regarding installment sales, especially concerning mandatory grace periods, refund rights, and interest rate disclosures. The document serves to protect both seller and buyer interests while ensuring legal compliance and enforceability.
Suggested Sections

1. Parties: Identification and details of the Seller and Buyer, including complete names, addresses, and tax identification numbers

2. Background: Context of the transaction and brief description of the property or goods being sold

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

4. Subject Matter: Detailed description of the property or goods being sold on installment

5. Purchase Price and Payment Terms: Total purchase price, down payment, number of installments, payment amounts, and due dates

6. Interest Rate and Finance Charges: Specification of interest rates, finance charges, and annual percentage rate as required by Truth in Lending Act

7. Default and Remedies: Consequences of default, grace periods (as per Maceda Law), and available remedies

8. Title and Risk: Transfer of title conditions and risk allocation between parties

9. Warranties and Representations: Warranties provided by the seller and representations made by both parties

10. Insurance: Requirements for insurance coverage of the property/goods during the installment period

11. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction expenses

12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional provisions

13. Execution: Signature blocks and notarization requirements

Optional Sections

1. Security Provisions: Additional security arrangements such as mortgages or guarantees, used when additional security is required

2. Delivery Terms: Specific provisions for delivery of goods, applicable for movable property

3. Maintenance and Repairs: Responsibilities for maintenance during the installment period, particularly relevant for vehicles or equipment

4. Assignment and Transfer: Rights and restrictions regarding assignment of the contract, used when transferability needs to be addressed

5. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in long-term installment contracts

6. Electronic Communications: Provisions for electronic notices and payments, when parties agree to digital communications

Suggested Schedules

1. Schedule A - Property Description: Detailed technical description of the property or goods, including serial numbers, specifications, or property boundaries

2. Schedule B - Payment Schedule: Detailed amortization table showing all installment payments, including principal and interest breakdown

3. Schedule C - Delivery Schedule: Timeline and terms for delivery of goods, if applicable

4. Appendix 1 - Property Documents: Copies of relevant property documents, titles, or certificates

5. Appendix 2 - Inspection Report: Technical inspection reports or condition assessments of the property/goods

6. Appendix 3 - Insurance Requirements: Detailed insurance specifications and requirements

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
Agreement
Annual Percentage Rate
Amortization Schedule
Business Day
Buyer
Collateral
Completion Date
Default Event
Default Rate
Down Payment
Effective Date
Encumbrance
Finance Charge
Force Majeure Event
Grace Period
Initial Payment
Installation
Installment Payment
Interest Rate
Late Payment Fee
Maceda Law Rights
Material Adverse Change
Outstanding Balance
Payment Date
Payment Schedule
Permitted Encumbrances
Principal Amount
Property
Purchase Price
Retention of Title
Security Interest
Seller
Signing Date
Substantial Completion
Term
Title Documents
Total Contract Price
Transfer Date
Warranty Period
Relevant Industries

Real Estate

Automotive

Industrial Equipment

Consumer Durables

Manufacturing

Agriculture

Construction

Technology

Retail

Relevant Teams

Legal

Finance

Sales

Compliance

Risk Management

Operations

Commercial

Credit

Customer Service

Documentation

Relevant Roles

Legal Counsel

Contract Manager

Sales Director

Finance Manager

Credit Officer

Risk Manager

Business Development Manager

Compliance Officer

Real Estate Manager

Operations Manager

Commercial Director

Chief Financial Officer

Sales Administrator

Account Executive

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts and sales, including provisions on formation of contracts, obligations, and general principles of sales
Maceda Law (Republic Act No. 6552): Provides protection to buyers in installment sales of real estate, including rights to grace period and refund
Consumer Act of the Philippines (Republic Act No. 7394): Protects consumer interests and establishes standards of conduct for business and industry
Truth in Lending Act (Republic Act No. 3765): Requires disclosure of finance charges and other credit terms in consumer credit transactions
Electronic Commerce Act (Republic Act No. 8792): Governs electronic transactions and digital signatures if the contract will be executed electronically
National Internal Revenue Code: Covers tax implications and requirements for installment sales, including documentation and reporting requirements
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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