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Installment Payment Agreement

Installment Payment Agreement Template for Philippines

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Key Requirements PROMPT example:

Installment Payment Agreement

"I need an Installment Payment Agreement for the sale of industrial equipment worth PHP 2.5 million to be paid over 24 months starting March 2025, with a 12% annual interest rate and the equipment itself serving as collateral."

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Document background
The Installment Payment Agreement is a vital legal instrument in Philippine commerce, used when goods, services, or property are to be paid for in multiple scheduled payments rather than a single lump sum. This document type is essential for businesses offering financing options and is commonly used in both commercial and consumer transactions. The agreement must comply with several Philippine laws, including the Civil Code, Truth in Lending Act, and Consumer Act, particularly regarding interest rate disclosures and consumer protections. It's frequently used in retail, real estate, and vehicle purchases, as well as business-to-business transactions where payment terms need to be structured. The document includes comprehensive details about payment schedules, interest calculations, default provisions, and remedies, while ensuring compliance with Philippine banking regulations and financial disclosure requirements.
Suggested Sections

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

2. Background: Description of the underlying transaction or debt being paid in installments

3. Definitions: Key terms used throughout the agreement, including payment-related terminology

4. Amount and Payment Terms: Total amount owed, number of installments, payment amounts, and due dates

5. Interest and Charges: Interest rate, calculation method, and any additional charges in compliance with Philippine banking regulations

6. Mode of Payment: Accepted payment methods and payment processing details

7. Default and Remedies: Consequences of missed payments and creditor's remedies under Philippine law

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

9. Term and Termination: Duration of the agreement and circumstances for early termination

10. Governing Law and Jurisdiction: Explicit statement of Philippine law governance and jurisdiction for disputes

11. Miscellaneous Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments

Optional Sections

1. Security Interest: Required if the installment payment is secured by collateral, must comply with Personal Property Security Act requirements

2. Guaranty: Include when a third-party guarantor is securing the payment obligations

3. Insurance: Required when the underlying asset needs to be insured during the payment period

4. Early Payment Options: Terms for early payoff or accelerated payments if allowed

5. Assignment: Include if either party may assign their rights under the agreement

6. Electronic Payment Terms: Required if payments will be made electronically, must comply with E-Commerce Act

7. Post-dated Checks: Include if post-dated checks are being used as payment method

Suggested Schedules

1. Payment Schedule: Detailed amortization table showing all installment amounts, due dates, and interest breakdown

2. Collateral Description: Detailed description of any security or collateral provided

3. Disclosure Statement: Truth in Lending Act disclosures including effective interest rate and total cost of credit

4. Fees and Charges: Breakdown of all applicable fees and charges

5. Required Documents: List of supporting documents to be attached to the agreement

6. Authorized Payment Locations: List of approved payment centers or methods 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

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

































Relevant Industries

Retail

Real Estate

Automotive

Consumer Goods

Manufacturing

Construction

Electronics

Furniture and Appliances

Industrial Equipment

Financial Services

Small and Medium Enterprises

Relevant Teams

Legal

Finance

Sales

Credit and Collections

Risk Management

Compliance

Treasury

Operations

Business Development

Customer Service

Relevant Roles

Credit Manager

Finance Director

Sales Manager

Legal Counsel

Contracts Administrator

Collections Officer

Account Executive

Risk Manager

Compliance Officer

Treasury Manager

Business Development Manager

Financial Controller

Credit Analyst

Operations 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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