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The Vehicle Sale Agreement With Payments is essential for transactions in the Philippines where the full purchase price of a vehicle is not paid upfront but through structured payments over time. This document type is commonly used by both private sellers and commercial dealerships, providing a legally robust framework that complies with Philippine civil law, consumer protection regulations, and vehicle registration requirements. It includes comprehensive details about the vehicle, payment terms, ownership transfer conditions, and security measures to protect both parties' interests. The agreement is particularly important as it combines elements of a standard vehicle sale with payment security mechanisms, making it suitable for both commercial and private vehicle sales where installment payments are involved. The document addresses specific Philippine jurisdictional requirements while providing clear remedies in case of payment default or other breaches.

1. Parties: Identifies and provides complete details of the Seller and Buyer, including their full legal names, addresses, and contact information

2. Background: Establishes the context of the sale, stating that the Seller owns the vehicle and wishes to sell it to the Buyer who agrees to purchase it under payment terms

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, color, VIN/chassis number, engine number, and current mileage

5. Purchase Price and Payment Terms: Specifies the total purchase price, down payment, installment amounts, payment schedule, and payment methods

6. Delivery and Transfer of Ownership: Details when and how the vehicle will be delivered and when legal ownership transfers to the Buyer

7. Seller's Representations and Warranties: Seller's guarantees regarding vehicle condition, ownership, and absence of liens or encumbrances

8. Buyer's Obligations: Specifies Buyer's responsibilities including payments, insurance, maintenance, and usage restrictions during the payment period

9. Default and Remedies: Outlines what constitutes default and the remedies available to either party

10. Registration and Documentation: Details the process and responsibilities for vehicle registration transfer and required documentation

11. Governing Law and Jurisdiction: Specifies that Philippine law governs the agreement and designates jurisdiction for dispute resolution

12. Entire Agreement: States that this document represents the complete agreement between parties and supersedes prior discussions