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Partial Payment Installment Agreement

Partial Payment Installment Agreement Template for Philippines

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Key Requirements PROMPT example:

Partial Payment Installment Agreement

"I need a Partial Payment Installment Agreement for a 500,000 PHP manufacturing equipment purchase, with monthly payments over 18 months starting January 2025, including collateral requirements and an acceleration clause in case of default."

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Document background
The Partial Payment Installment Agreement is a crucial document used when parties need to formalize arrangements for paying an existing debt through structured installments in the Philippines. This document becomes necessary when a debtor cannot make immediate full payment and both parties agree to a systematic repayment plan. It's commonly used in various business contexts, from commercial transactions to consumer purchases, and must comply with Philippine legislation including the Civil Code, Consumer Act, and Truth in Lending Act. The agreement typically specifies payment amounts, schedules, interest rates, and default provisions, while potentially including collateral arrangements or guarantor requirements. It's particularly important in managing credit risk while providing flexibility for debt repayment, making it a valuable tool for businesses and individuals in the Philippine market.
Suggested Sections

1. Parties: Identifies and provides complete details of the creditor and debtor, including their legal names, addresses, and authorized representatives

2. Background: Establishes the context of the agreement, including reference to the original debt or obligation

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Acknowledgment of Debt: Formal recognition of the total amount owed and any accrued interest

5. Payment Terms: Details of the installment payment structure, including payment amounts, frequency, and due dates

6. Method of Payment: Specifies acceptable payment methods and payment processing details

7. Interest Rate: Stipulates the applicable interest rate and calculation method in compliance with Philippine law

8. Default Provisions: Outlines what constitutes default and its consequences

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

10. Governing Law and Jurisdiction: Specifies Philippine law as governing law and determines jurisdiction for dispute resolution

11. Entire Agreement: Confirms that this document represents the complete agreement between parties

12. Execution: Signature blocks and execution formalities

Optional Sections

1. Collateral Security: Include when the installment payments are secured by specific assets or guarantees

2. Acceleration Clause: Include when early payment of the entire amount is permitted or required under specific circumstances

3. Insurance Requirements: Include when insurance is required to secure the payment obligation

4. Assignment and Transfer: Include when either party needs the right to assign the agreement to third parties

5. Force Majeure: Include when parties want to address circumstances beyond their control that may affect payment obligations

6. Electronic Communications: Include when parties agree to accept electronic notices and communications

7. Guarantor Provisions: Include when a third-party guarantor is involved in securing the debt

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment amounts, dates, and running balance

2. Original Debt Documentation: Copies of original invoices, contracts, or other documents evidencing the debt

3. Collateral Documentation: If applicable, details and documentation of any collateral securing the debt

4. Interest Calculation Schedule: Detailed breakdown of interest calculations and applications

5. Authorized Signatories: List of persons authorized to act on behalf of either party

6. Contact Information: Detailed contact information for notices and payment processing

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

Manufacturing

Construction

Real Estate

Financial Services

Wholesale Trade

Automotive

Technology

Professional Services

Healthcare

Education

Relevant Teams

Legal

Finance

Credit Control

Accounts Receivable

Collections

Risk Management

Treasury

Commercial Operations

Sales

Contract Administration

Relevant Roles

Credit Manager

Financial Controller

Accounts Receivable Manager

Collections Specialist

Finance Director

Legal Counsel

Contract Administrator

Risk Manager

Treasury Manager

Chief Financial Officer

Credit Analyst

Debt Recovery Officer

Business Development Manager

Sales Manager

Commercial Director

Industries
Civil Code of the Philippines (Republic Act No. 386): Provides the fundamental laws governing contracts, obligations, and commercial transactions in the Philippines, including requirements for valid contracts and remedies for breach
Consumer Act of the Philippines (Republic Act No. 7394): Protects consumer interests and establishes standards of conduct for business and industry, particularly relevant for installment payment arrangements
Truth in Lending Act (Republic Act No. 3765): Requires full disclosure of finance charges in credit transactions and installment payments, ensuring transparency in lending terms
Usury Law (Act No. 2655): Although largely superseded, still provides relevant context for interest rate regulations and maximum rates in lending transactions
Electronic Commerce Act (Republic Act No. 8792): Relevant if the installment agreement involves electronic transactions or digital signatures
Central Bank Circular No. 799, Series of 2013: Provides guidelines on interest rates and finance charges in lending operations
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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