The Credit Sales Agreement is a fundamental commercial document used in Malaysian business transactions where goods are sold on credit terms. This agreement type is essential when businesses or individuals wish to purchase goods but prefer or require payment in installments rather than a single lump sum. Governed by Malaysian law, particularly the Hire-Purchase Act 1967, Contracts Act 1950, and Consumer Protection Act 1999, the Credit Sales Agreement outlines the complete terms of the credit arrangement, including payment schedules, interest calculations, security provisions, and default remedies. It's commonly used in both B2B and B2C transactions, particularly for high-value goods such as vehicles, machinery, or equipment. The agreement provides legal protection for both the seller's right to receive payment and the buyer's right to take possession of the goods, while ensuring compliance with Malaysian financial and consumer protection regulations.
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1. Parties: Identification of the seller/creditor and buyer/debtor with complete details as required under Malaysian law
2. Background: Context of the transaction and relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Details of the goods being sold and purchased, including specifications and condition
5. Purchase Price and Payment Terms: Total purchase price, credit amount, interest rate, payment schedule, and method of payment
6. Delivery and Transfer of Title: Terms regarding delivery of goods and when title passes to the buyer
7. Representations and Warranties: Declarations by both parties regarding their capacity and authority to enter into the agreement
8. Buyer's Obligations: Key responsibilities of the buyer including maintenance of goods and insurance requirements
9. Seller's Rights and Remedies: Rights of the seller in case of default or breach
10. Default and Termination: Events of default and consequences of termination
11. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution
1. Guarantor Provisions: Required when a guarantor is involved in securing the buyer's obligations
2. Insurance: Detailed insurance requirements when the goods require specific insurance coverage
3. Security Interest: When additional security is required beyond the goods themselves
4. Early Payment Provisions: Terms for early repayment and any applicable rebates or charges
5. Installation and Training: Required for goods that need professional installation or user training
6. Maintenance and Service: When ongoing maintenance or service is part of the agreement
7. Import/Export Provisions: Required when goods are imported or subject to international trade regulations
1. Schedule 1 - Description of Goods: Detailed specification and description of the goods being sold
2. Schedule 2 - Payment Schedule: Detailed breakdown of installment payments, including dates and amounts
3. Schedule 3 - Delivery Details: Specific delivery instructions, locations, and timelines
4. Schedule 4 - Warranty Terms: Detailed warranty terms and conditions for the goods
5. Appendix A - Required Documents: List of documents required from the buyer (ID, income proof, etc.)
6. Appendix B - Insurance Requirements: Detailed insurance specifications and requirements
7. Appendix C - Maintenance Schedule: Required maintenance schedule for the goods where applicable
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Industrial Equipment
Consumer Electronics
Manufacturing
Construction Equipment
Agricultural Machinery
Home Appliances
Office Equipment
Medical Equipment
Renewable Energy Systems
Relevant Teams
Legal
Finance
Sales
Credit Control
Risk Management
Compliance
Commercial Operations
Contract Administration
Collections
Business Development
Relevant Roles
Sales Manager
Credit Manager
Finance Director
Legal Counsel
Compliance Officer
Commercial Director
Risk Manager
Contract Administrator
Business Development Manager
Account Manager
Financial Controller
Credit Analyst
Collections Manager
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