The Retail Installment Sales Contract is a crucial document used in Belgian retail transactions where consumers purchase goods through scheduled installment payments rather than paying the full price upfront. This contract type is specifically designed to comply with Belgian consumer protection laws and EU directives, including the Consumer Credit Act and relevant provisions of the Code of Economic Law. It is commonly used by retailers selling high-value items such as electronics, furniture, or vehicles, where consumers benefit from spreading the cost over time. The document must include mandatory information such as the Annual Percentage Rate (APR), total cost of credit, payment schedule, and consumer rights, including the right of withdrawal. It serves to protect both the retailer's interests in securing payment and the consumer's rights under Belgian and EU consumer protection frameworks.
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1. Parties: Identification of the Seller and the Buyer, including full legal names, addresses, and registration numbers where applicable
2. Definitions: Clear definitions of key terms used throughout the agreement, including 'Goods', 'Installment Payments', 'Payment Schedule', and 'Annual Percentage Rate'
3. Subject Matter: Detailed description of the goods being sold, including make, model, serial numbers, and any specific characteristics
4. Purchase Price and Payment Terms: Total purchase price, down payment amount, number and amount of installments, payment dates, and Annual Percentage Rate (APR)
5. Delivery and Acceptance: Terms regarding delivery of goods, inspection rights, and acceptance procedures
6. Title and Risk: Provisions regarding when title passes to the buyer and risk allocation
7. Consumer Rights: Mandatory consumer protection provisions including right of withdrawal, early repayment rights, and complaint procedures
8. Default and Remedies: Consequences of payment default, cure periods, and available remedies for both parties
9. Signatures: Execution blocks for all parties, including date and place of signing
1. Insurance Requirements: Optional section specifying insurance requirements for the goods, included when the value of goods exceeds certain thresholds or for specific types of goods
2. Maintenance and Repairs: Optional section for goods requiring specific maintenance obligations, typically included for technical equipment or machinery
3. Trade-In Details: Optional section when the transaction includes a trade-in of existing goods, describing the trade-in item and its agreed value
4. Electronic Communications Consent: Optional section for contracts where parties agree to receive communications electronically, including statements and notices
5. Co-Signer Obligations: Optional section when a co-signer is involved in guaranteeing the payments
1. Schedule A - Payment Schedule: Detailed breakdown of all payments, including dates, amounts, and allocation between principal and interest
2. Schedule B - Description of Goods: Detailed technical specifications, photographs, or drawings of the goods being sold
3. Schedule C - Standard European Consumer Credit Information: Mandatory standardized information sheet as required by EU consumer credit regulations
4. Appendix 1 - Right of Withdrawal Form: Standard form for exercising the right of withdrawal as required by EU consumer protection law
5. Appendix 2 - Warranty Terms: Detailed warranty terms and conditions, including both mandatory legal warranties and any additional commercial warranties
Relevant legal definitions
Clauses
Relevant Industries
Retail - Consumer Electronics
Retail - Furniture
Retail - Automotive
Retail - Home Appliances
Retail - Machinery and Equipment
Retail - Luxury Goods
Consumer Finance
Banking and Financial Services
Home Improvement
Agricultural Equipment
Relevant Teams
Legal
Compliance
Retail Operations
Finance
Sales Administration
Risk Management
Customer Service
Credit Operations
Commercial Operations
Relevant Roles
Retail Sales Manager
Credit Manager
Legal Counsel
Compliance Officer
Consumer Finance Manager
Retail Operations Director
Financial Services Manager
Sales Administrator
Contract Administrator
Risk Manager
Customer Service Manager
Finance Director
Commercial Director
Store Manager
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