The Retail Installment Contract is essential for businesses in the Philippines engaging in consumer sales where payment is made through scheduled installments. This document type is specifically designed to comply with Philippine regulations, including the Truth in Lending Act (R.A. 3765), Consumer Act (R.A. 7394), and relevant Bangko Sentral ng Pilipinas circulars. It's particularly important for high-value retail sales where customers prefer structured payment plans. The contract includes mandatory disclosures of finance charges, annual percentage rates, and total payment obligations, protecting both buyer and seller interests. It's commonly used in retail sectors such as appliances, electronics, furniture, and vehicles, providing a clear framework for installment purchases while ensuring regulatory compliance.
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1. Parties: Identifies and provides complete details of the seller and buyer, including their legal names, addresses, and contact information
2. Background: Brief context of the transaction and the parties' intention to enter into a retail installment arrangement
3. Definitions: Defines key terms used throughout the contract including but not limited to 'Installment Period', 'Finance Charge', 'Annual Percentage Rate'
4. Product Details: Detailed description of the product(s) being sold, including specifications, quantity, and condition
5. Purchase Price and Payment Terms: Details of the total purchase price, downpayment, number of installments, and amount of each installment payment
6. Finance Charges and Annual Percentage Rate: Clear disclosure of all finance charges and the annual percentage rate as required by the Truth in Lending Act
7. Payment Schedule: Specific dates or intervals when installment payments are due and acceptable payment methods
8. Late Payment and Default: Consequences of late payments, default provisions, and applicable penalties or interest charges
9. Title and Risk: Provisions regarding when title passes to the buyer and risk allocation during the installment period
10. Warranties and Representations: Warranties provided for the product and representations made by both parties
11. Termination: Circumstances under which either party may terminate the contract and the consequences of termination
12. Governing Law: Specification that the contract is governed by Philippine law and relevant regulations
1. Insurance: Requirements for insurance coverage of the product during the installment period, if applicable
2. Delivery Terms: Specific arrangements for delivery of the product, if not immediate
3. Early Payment Provisions: Terms and conditions for early payment of the remaining balance, including any applicable discounts
4. Security Interest: Details of any security interest retained by the seller until full payment
5. Assignment: Whether and under what conditions the contract may be assigned to third parties
6. Return Policy: Terms and conditions for product returns or exchanges, if applicable
7. Maintenance and Repair: Requirements for maintenance and repair during the installment period, particularly for high-value items
8. Co-Buyer Provisions: Terms applicable when there is a co-buyer or guarantor for the purchase
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 technical specifications, model numbers, serial numbers, and other identifying information for the product(s)
3. Schedule C - Disclosure Statement: Truth in Lending Act disclosures including itemized finance charges and annual percentage rate calculations
4. Appendix 1 - Warranty Documentation: Copies of manufacturer's warranty and any additional warranties provided by the seller
5. Appendix 2 - Delivery Receipt Form: Form to be used for acknowledging delivery and acceptance of the product
6. Appendix 3 - Insurance Requirements: Detailed insurance requirements and acceptable insurance providers, if applicable
Relevant legal definitions
Agreement
Annual Percentage Rate (APR)
Business Day
Buyer
Co-Buyer
Collateral
Default
Delivery Date
Down Payment
Due Date
Effective Date
Finance Charge
Force Majeure
Guarantor
Installment Payment
Installment Period
Late Payment Fee
Notice
Outstanding Balance
Payment Schedule
Place of Payment
Principal Amount
Product
Purchase Price
Seller
Term
Title
Total Amount Payable
Total Cash Price
Warranty Period
Event of Default
Security Interest
Prepayment
Insurance Coverage
Default Rate
Annual Percentage Rate (APR)
Business Day
Buyer
Co-Buyer
Collateral
Default
Delivery Date
Down Payment
Due Date
Effective Date
Finance Charge
Force Majeure
Guarantor
Installment Payment
Installment Period
Late Payment Fee
Notice
Outstanding Balance
Payment Schedule
Place of Payment
Principal Amount
Product
Purchase Price
Seller
Term
Title
Total Amount Payable
Total Cash Price
Warranty Period
Event of Default
Security Interest
Prepayment
Insurance Coverage
Default Rate
Clauses
Interpretation
Purchase and Sale
Payment Terms
Delivery
Title and Risk
Security Interest
Default
Warranties
Insurance
Assignment
Product Description
Finance Charges
Payment Schedule
Late Payment
Prepayment
Repossession
Notice
Force Majeure
Termination
Dispute Resolution
Governing Law
Amendment
Severability
Entire Agreement
Waiver
Consumer Rights
Documentation
Disclosure
Representations
Maintenance
Return Policy
Collection
Interest Rates
Remedies
Purchase and Sale
Payment Terms
Delivery
Title and Risk
Security Interest
Default
Warranties
Insurance
Assignment
Product Description
Finance Charges
Payment Schedule
Late Payment
Prepayment
Repossession
Notice
Force Majeure
Termination
Dispute Resolution
Governing Law
Amendment
Severability
Entire Agreement
Waiver
Consumer Rights
Documentation
Disclosure
Representations
Maintenance
Return Policy
Collection
Interest Rates
Remedies
Relevant Industries
Retail
Consumer Goods
Electronics
Furniture
Automotive
Home Appliances
Jewelry
Construction Materials
Home Improvement
Agricultural Equipment
Industrial Equipment
Musical Instruments
Relevant Teams
Legal
Finance
Sales
Compliance
Credit and Collections
Customer Service
Operations
Risk Management
Contract Administration
Business Development
Relevant Roles
Retail Sales Manager
Credit Manager
Finance Director
Legal Counsel
Compliance Officer
Sales Representative
Contract Administrator
Risk Manager
Customer Service Manager
Collections Manager
Business Development Manager
Store Manager
Credit Analyst
Financial Controller
Operations Manager
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