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Installment Billing Agreement

Installment Billing Agreement Template for Philippines

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Key Requirements PROMPT example:

Installment Billing Agreement

"I need an Installment Billing Agreement for my furniture retail business in Manila, covering a 12-month payment plan with 20% down payment, to be implemented by March 2025."

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Document background
An Installment Billing Agreement is essential for businesses in the Philippines that offer goods or services with payment terms spread over multiple installments. This document is particularly important in ensuring compliance with Philippine consumer protection laws, including the Truth in Lending Act and the Consumer Act of the Philippines. The agreement should be used whenever a seller allows a buyer to pay for purchases through scheduled installments, whether for goods, equipment, or services. It includes critical information such as the total purchase price, finance charges, payment schedule, interest rates, and default provisions. The document serves to protect both the seller's right to receive payment and the buyer's consumer rights under Philippine law, making it a crucial tool for businesses engaged in installment sales transactions.
Suggested Sections

1. Parties: Identification of the seller/creditor and buyer/debtor with complete details as required by Philippine law

2. Background: Context of the agreement and brief description of the transaction

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. Truth in Lending Disclosures: Mandatory disclosures including finance charges, annual interest rate, and total amount payable as required by RA 3765

6. Payment Method and Billing: Specified payment methods, billing procedures, and due dates

7. Late Payments and Penalties: Consequences of late payments, applicable penalties, and default provisions

8. Rights and Obligations: Detailed rights and obligations of both parties

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

10. Warranties and Representations: Standard warranties and representations by both parties

11. Default and Remedies: Events of default and available remedies

12. Termination: Conditions and process for termination of the agreement

13. Governing Law: Specification of Philippine law as governing law and jurisdiction

14. General Provisions: Standard boilerplate provisions including notices, amendments, and severability

Optional Sections

1. Security Interest: Details of any security interest or collateral - include when the purchase requires security

2. Insurance: Insurance requirements for the purchased items - include for high-value items

3. Electronic Billing: Terms for electronic billing and notifications - include when offering digital billing options

4. Prepayment Terms: Terms for early payment or full settlement - include when prepayment is allowed

5. Co-Maker Provisions: Terms applying to co-makers or guarantors - include when there are guarantors

6. Return Policy: Terms for product returns or exchanges - include for retail installment agreements

7. Maintenance and Support: Terms for ongoing maintenance or support - include for equipment or service agreements

Suggested Schedules

1. Schedule A - Payment Schedule: Detailed breakdown of installment amounts, due dates, and applicable interest

2. Schedule B - Product Specifications: Detailed description of products or services being purchased

3. Schedule C - Interest Rate Calculation: Method of calculating interest and sample calculations

4. Appendix 1 - Disclosure Statement: Truth in Lending Act disclosures in prescribed format

5. Appendix 2 - Payment Methods: Accepted payment methods and processing details

6. Appendix 3 - Default Interest Calculation: Method of calculating default interest and penalties

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

alex.den.21@genieai.co
Relevant legal definitions









































Clauses








































Relevant Industries

Retail

Manufacturing

Financial Services

Consumer Goods

Automotive

Electronics

Furniture and Appliances

Construction Equipment

Industrial Machinery

Real Estate

Relevant Teams

Legal

Finance

Sales

Credit and Collections

Compliance

Risk Management

Operations

Customer Service

Treasury

Business Development

Contract Administration

Relevant Roles

Credit Manager

Finance Director

Legal Counsel

Sales Manager

Contract Administrator

Credit Analyst

Collections Manager

Compliance Officer

Account Executive

Business Development Manager

Risk Manager

Financial Controller

Operations Manager

Customer Service Manager

Treasury Manager

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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