抖阴短视频

Installment Agreement Template for Philippines

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Key Requirements PROMPT example:

Installment Agreement

"I need an Installment Agreement for the sale of industrial equipment worth PHP 2,500,000 to a manufacturing company, with monthly payments over 36 months starting March 2025, including provisions for equipment maintenance and insurance requirements."

Document background
The Installment Agreement is a vital document used in Philippine commerce when goods or services are purchased through periodic payments rather than a single lump sum. It is particularly relevant in transactions where significant assets are involved, such as vehicles, equipment, or high-value consumer goods. The agreement must comply with several Philippine laws, including the Truth in Lending Act (Republic Act No. 3765) and the Consumer Act (Republic Act No. 7394), which mandate specific disclosures and consumer protections. This document type is essential for businesses offering financing options and includes detailed payment terms, interest calculations, security arrangements, and default provisions. It protects both the seller's right to receive payment and the buyer's consumer rights under Philippine law.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including complete legal names and addresses

2. Background: Context of the agreement, including the purpose of the installment arrangement

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

4. Purchase Price and Payment Terms: Total purchase price, down payment, number of installments, and payment schedule

5. Interest Rate and Finance Charges: Clear statement of interest rate, calculation method, and total finance charges as required by Truth in Lending Act

6. Payment Method and Processing: Acceptable payment methods, processing details, and payment allocation

7. Security and Collateral: Details of any security or collateral provided for the installment payments

8. Default and Remedies: Definition of default events and available remedies

9. Representations and Warranties: Standard representations and warranties from both parties

10. Title and Risk: Transfer of title and risk provisions

11. Governing Law: Specification of Philippine law as governing law

12. Dispute Resolution: Process for resolving disputes between parties

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Insurance Requirements: Required when the asset being purchased needs to be insured during the installment period

2. Co-Maker Provisions: Include when a co-maker or guarantor is part of the agreement

3. Prepayment Terms: Include when early payment options and related discounts are offered

4. Electronic Payment Authorization: Include when automatic electronic payments are being set up

5. Assignment and Transfer: Include when either party needs the right to assign the agreement

6. Maintenance and Use: Include for agreements involving equipment or vehicles that require specific maintenance

7. Return or Repossession: Include when specific procedures for return or repossession need to be detailed

Suggested Schedules

1. Schedule A - Payment Schedule: Detailed amortization schedule showing all payments, including principal and interest breakdown

2. Schedule B - Item Description: Detailed description of items being purchased, including serial numbers or identifying information

3. Schedule C - Interest Calculation Method: Detailed explanation of interest calculation method and examples

4. Appendix 1 - Truth in Lending Disclosure: Mandatory disclosure statement as required by the Truth in Lending Act

5. Appendix 2 - Security Documentation: Copies of security documents or collateral agreements if applicable

6. Appendix 3 - Insurance Requirements: Detailed insurance requirements and acceptable providers if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ 抖阴短视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions




































Clauses


































Relevant Industries

Retail

Automotive

Real Estate

Construction

Manufacturing

Consumer Goods

Financial Services

Technology

Industrial Equipment

Home Appliances

Relevant Teams

Legal

Finance

Sales

Compliance

Risk Management

Collections

Customer Service

Operations

Credit Administration

Contract Management

Relevant Roles

Sales Manager

Credit Officer

Finance Manager

Legal Counsel

Compliance Officer

Contract Administrator

Risk Manager

Collections Manager

Business Development Manager

Customer Service Manager

Operations Manager

Chief Financial Officer

Credit Risk Analyst

Account Executive

Industries






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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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