The Sale Payment Agreement is a crucial document used in Indonesian commercial transactions to establish clear and enforceable payment terms between parties involved in a sale transaction. This agreement becomes particularly important in situations involving significant transaction values, installment payments, or where specific payment security arrangements are required. The document, governed by Indonesian law, particularly the Civil Code (KUHPerdata) and relevant commercial regulations, typically includes comprehensive payment terms, security arrangements, default provisions, and dispute resolution mechanisms. It serves to protect both parties' interests by clearly documenting payment obligations, timelines, and consequences of default, while ensuring compliance with Indonesian payment and currency regulations.
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1. Parties: Identification and details of the seller and buyer, including their legal names, registration numbers, and addresses
2. Background: Context of the sale transaction and the purpose of the payment agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale Price and Payment Terms: The total sale price, currency, and detailed payment terms including payment method and timeline
5. Payment Obligations: Specific obligations of the buyer regarding payments, including due dates and payment procedures
6. Late Payment and Default: Consequences of late payment, including interest rates, penalties, and remedies
7. Security: Any security arrangements for the payment obligations
8. Representations and Warranties: Standard representations and warranties from both parties regarding their capacity and authority
9. Force Majeure: Provisions for unforeseen circumstances affecting payment obligations
10. Termination: Circumstances under which the agreement can be terminated and the consequences
11. Governing Law and Dispute Resolution: Specification of Indonesian law as governing law and dispute resolution mechanisms
12. Notices: Process for sending formal notices between parties
13. General Provisions: Standard boilerplate clauses including amendments, entire agreement, and severability
1. Electronic Payments: Additional terms for electronic payment methods and systems, required when payments will be made electronically
2. Installment Arrangements: Detailed terms for installment payments, including schedule and specific conditions, used when payment is made in installments
3. Currency Exchange: Provisions for currency conversion and exchange rates, needed for international transactions
4. Tax Provisions: Specific tax-related obligations and procedures, important for cross-border transactions or specific tax arrangements
5. Bank Guarantees: Terms relating to bank guarantees or other financial security arrangements, if required
6. Third-Party Payments: Provisions for payments made by third parties on behalf of the buyer
7. Acceleration Clause: Conditions under which full payment becomes immediately due
1. Payment Schedule: Detailed breakdown of payment amounts and due dates
2. Product Details: Specifications of products or services being sold and paid for
3. Bank Account Details: Complete banking information for payment transfers
4. Interest Calculation Method: Detailed methodology for calculating interest on late payments
5. Security Documents: Copies or details of any security arrangements or guarantees
6. Form of Payment Notice: Template for payment notices and reminders
Relevant legal definitions
Clauses
Relevant Industries
Retail
Manufacturing
Wholesale Trade
Construction
Real Estate
Agriculture
Mining
Technology
Consumer Goods
Industrial Equipment
Automotive
Energy
Telecommunications
Professional Services
Healthcare
Relevant Teams
Legal
Finance
Commercial
Sales
Procurement
Treasury
Credit Control
Risk Management
Accounts Receivable
Business Development
Relevant Roles
Chief Financial Officer
Finance Manager
Commercial Director
Legal Counsel
Contract Manager
Accounts Receivable Manager
Credit Controller
Treasury Manager
Sales Director
Procurement Manager
Risk Manager
Company Secretary
Business Development Manager
Financial Controller
Collections Manager
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