The Installment Purchase Agreement is a vital commercial document used in Indonesian business transactions where goods are sold with payment spread over time through regular installments. This document type is particularly relevant in both B2B and B2C contexts, commonly used for high-value purchases such as vehicles, machinery, or equipment. The agreement must comply with Indonesian law, including the Civil Code (KUHPerdata), Consumer Protection Law (Law No. 8 of 1999), and Financial Services Authority (OJK) regulations. It typically includes detailed payment schedules, security arrangements, title retention clauses, and specific provisions for default scenarios. The document is essential for businesses offering installment payment options and provides legal protection for both sellers and purchasers while ensuring clear documentation of the transaction terms and conditions.
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1. Parties: Identification of the seller and purchaser, including complete legal names, addresses, and registration details if applicable
2. Background: Context of the agreement, including brief description of the transaction and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Object of Sale: Detailed description of the goods being sold under installment terms
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment schedule, and payment methods
6. Delivery and Acceptance: Terms regarding delivery of goods, inspection rights, and acceptance procedures
7. Title and Risk: Provisions regarding transfer of ownership, retention of title, and transfer of risk
8. Security Interest: Details of security interest in the goods until full payment is made
9. Warranties and Representations: Warranties regarding the goods and representations by both parties
10. Default and Remedies: Events of default and available remedies, including repossession rights
11. Insurance: Requirements for insurance coverage of the goods during the installment period
12. Governing Law and Dispute Resolution: Choice of law and dispute resolution mechanisms
13. Notices: Process and requirements for formal communications between parties
14. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Maintenance and Use: Requirements for maintenance and permitted use of goods, typically included for complex equipment or machinery
2. Third-Party Rights: Provisions regarding third-party claims or interests, included when relevant to the specific transaction
3. Export/Import Compliance: Include when goods are subject to international trade regulations
4. Intellectual Property Rights: Include when the goods involve software, technology, or other IP components
5. Assignment and Subletting: Include when transfer or subletting rights need to be specifically addressed
6. Force Majeure: Include for long-term installment agreements or when specific risk allocation is needed
7. Early Payment Provisions: Include when early payment options or discounts are offered
1. Schedule 1 - Product Specifications: Detailed technical specifications of the goods being sold
2. Schedule 2 - Payment Schedule: Detailed breakdown of installment payments, including dates and amounts
3. Schedule 3 - Delivery Schedule: Timeline and details for delivery of goods, if delivered in multiple phases
4. Schedule 4 - Acceptance Tests: Criteria and procedures for acceptance testing, if applicable
5. Schedule 5 - Warranty Terms: Detailed warranty terms and conditions
6. Appendix A - Required Insurance Coverage: Specific insurance requirements and coverage details
7. Appendix B - Form of Security Agreement: Standard form of security agreement or fiduciary transfer deed
Relevant legal definitions
Clauses
Relevant Industries
Retail
Automotive
Consumer Electronics
Industrial Equipment
Manufacturing
Real Estate
Construction
Agriculture
Technology
Home Appliances
Medical Equipment
Office Equipment
Relevant Teams
Legal
Finance
Sales
Credit Control
Risk Management
Compliance
Operations
Commercial
Business Development
Collections
Procurement
Relevant Roles
Sales Manager
Finance Manager
Credit Controller
Commercial Director
Legal Counsel
Contracts Manager
Risk Manager
Business Development Manager
Compliance Officer
Operations Manager
Credit Analyst
Account Executive
Collections Manager
Chief Financial Officer
Procurement Manager
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