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Installment Plan Agreement

Installment Plan Agreement Template for Philippines

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Key Requirements PROMPT example:

Installment Plan Agreement

"I need an Installment Plan Agreement for my electronics retail store in Manila, with 12 monthly installments, 20% down payment requirement, and 12% annual interest rate, including provisions for late payment penalties and product warranty."

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The Installment Plan Agreement is essential for businesses operating in the Philippines that offer goods or services on a deferred payment basis. This document is structured to comply with Philippine legislation, including the Civil Code (Republic Act No. 386), Consumer Act (Republic Act No. 7394), and Truth in Lending Act (Republic Act No. 3765). It should be used whenever a seller allows a buyer to pay for purchases through scheduled installments, typically involving significant transactions where immediate full payment is not practical. The agreement includes crucial elements such as payment terms, interest calculations, security provisions, and default remedies, while ensuring transparency in credit terms as required by Philippine law. It's particularly relevant in today's market where financing options are increasingly important for both businesses and consumers.
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. Product/Service Details: Detailed description of the product or service being purchased on installment

5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment schedule, and interest rate in compliance with Truth in Lending Act

6. Payment Method: Acceptable methods of payment and payment processing details

7. Late Payment and Default: Consequences of late payment, default provisions, and remedies

8. Title and Risk: Retention of title provisions and transfer of risk terms

9. Warranties and Representations: Standard warranties regarding the product/service and capacity to enter agreement

10. Termination: Circumstances under which the agreement can be terminated and consequences

11. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Interest: Required when additional security or collateral is provided for the installment payments

2. Insurance: Include when insurance is required for the product or to secure the payments

3. Pre-payment Terms: Include when early payment options and associated discounts are offered

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

5. Electronic Communications: Include when parties agree to receive notices and communications electronically

6. Force Majeure: Include when protection against unforeseen circumstances is necessary

7. Delivery Terms: Include for agreements involving physical products requiring delivery

Suggested Schedules

1. Payment Schedule: Detailed breakdown of installment payments, due dates, and amounts

2. Product Specification: Detailed technical specifications or description of the product/service

3. Interest Calculation: Breakdown of interest calculations and annual percentage rate as required by Truth in Lending Act

4. Delivery Schedule: Timeline and terms for delivery of products (if applicable)

5. Required Insurance Coverage: Details of required insurance coverage (if applicable)

6. Security Details: Description of any security or collateral provided (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





























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Relevant Industries

Retail

Automotive

Consumer Electronics

Furniture and Home Furnishings

Construction Equipment

Heavy Machinery

Home Appliances

Educational Services

Healthcare Equipment

Real Estate

Relevant Teams

Legal

Finance

Sales

Compliance

Credit Control

Customer Service

Operations

Risk Management

Collections

Account Management

Relevant Roles

Credit Manager

Sales Manager

Finance Director

Legal Counsel

Compliance Officer

Contract Administrator

Account Executive

Risk Manager

Collections Manager

Customer Service Manager

Business Development Manager

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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