Document background
The Installment Purchase Contract is essential for transactions in Malaysia where goods are purchased through scheduled payments rather than a single lump sum. This document type is commonly used for high-value purchases and is governed by the Malaysian Hire-Purchase Act 1967, along with other relevant legislation such as the Contracts Act 1950 and Consumer Protection Act 1999. It provides a structured framework for protecting both the seller's and purchaser's interests by clearly defining payment terms, ownership rights, maintenance responsibilities, and default procedures. The agreement is particularly important in commercial and consumer transactions where financing is required, and it must comply with strict regulatory requirements regarding form, content, and disclosure obligations under Malaysian law.
