The Installment Sales Contract is essential for transactions in the Philippines where buyers acquire goods or property through periodic payments rather than a single lump sum. This document type is particularly crucial in compliance with Philippine consumer protection laws, including the Truth in Lending Act and Consumer Act, which mandate specific disclosures and protections for installment purchases. The contract typically includes detailed payment terms, interest calculations, security provisions, and ownership transfer conditions. It's commonly used in various sectors from retail to real estate, providing a legally sound framework for both personal and business transactions. The Installment Sales Contract must incorporate mandatory consumer rights, grace periods, and remedies as prescribed by Philippine law, while also addressing practical aspects such as delivery, maintenance, and warranty terms.
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal names, addresses, and tax identification numbers
2. Background: Establishes the context of the sale and the parties' intention to enter into an installment payment arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Subject Matter of Sale: Detailed description of the product or property being sold, including specifications, condition, and any warranties
5. Purchase Price and Payment Terms: Total purchase price, down payment, number of installments, payment amounts, due dates, and interest rate calculations as required by the Truth in Lending Act
6. Delivery and Transfer of Ownership: Terms regarding delivery of the item and when ownership transfers to the buyer
7. Security Interest: Establishes the seller's security interest in the property until full payment is made
8. Buyer's Rights and Obligations: Outlines the buyer's responsibilities including maintenance, insurance, and use restrictions
9. Seller's Rights and Obligations: Details the seller's commitments, warranties, and ongoing responsibilities
10. Default and Remedies: Specifies what constitutes default and the available remedies for both parties
11. Term and Termination: Duration of the agreement and conditions for early termination
12. Governing Law and Jurisdiction: Specifies Philippine law as governing law and defines jurisdiction for disputes
13. Execution: Signature blocks and execution requirements
1. Insurance Requirements: Required when the item being sold needs specific insurance coverage during the installment period
2. Co-Maker Provisions: Include when a co-maker or guarantor is required for the installment purchase
3. Prepayment Terms: Details early payment options and any associated discounts or penalties
4. Registration and Permits: Required when the item needs government registration (e.g., vehicles)
5. Maintenance and Repair: Include for items requiring specific maintenance procedures during the payment period
6. Return Policy: Include for goods that might have specific return conditions during the initial period
7. Electronic Payment Terms: Include when electronic payment methods are accepted
1. Schedule A - Product Specifications: Detailed technical specifications or description of the item being sold
2. Schedule B - Payment Schedule: Detailed amortization table showing all payments, interest, and principal portions
3. Schedule C - Delivery Details: Specific delivery terms, locations, and requirements
4. Schedule D - Warranty Terms: Detailed warranty conditions and procedures
5. Appendix 1 - Truth in Lending Disclosure: Mandatory disclosure of credit terms as required by Philippine law
6. Appendix 2 - Maintenance Requirements: Detailed maintenance procedures and schedules if applicable
7. Appendix 3 - Insurance Requirements: Specific insurance requirements and acceptable providers if applicable
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