The Bill of Sale Agreement with Payments is essential for transactions in the Philippines where property is sold through installment payments rather than a single lump sum. This document type is commonly used in both business-to-business and business-to-consumer contexts, particularly for high-value items such as vehicles, equipment, or substantial assets. It ensures compliance with Philippine legal requirements, including the Civil Code, Consumer Act, and Maceda Law, while providing a clear framework for the transfer of property ownership and payment terms. The agreement is structured to protect both parties' interests throughout the payment period, including provisions for default scenarios, property maintenance, and final transfer of title. It's particularly important in the Philippine context where installment sales are common and require specific legal protections for both parties.
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1. Parties: Identifies and provides complete details of the seller and buyer, including their legal names, addresses, and tax identification numbers
2. Background: Establishes the context of the sale and confirms the seller's ownership and right to sell the property
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Sale and Purchase: Explicitly states the seller's agreement to sell and the buyer's agreement to purchase the specified property
5. Description of Property: Provides detailed description of the property being sold, including any identifying numbers or characteristics
6. Purchase Price: States the total purchase price and breaks down the payment structure
7. Payment Terms: Details the payment schedule, including installment amounts, due dates, and payment methods
8. Delivery and Transfer: Specifies when and how the property will be delivered and when legal title transfers to the buyer
9. Seller's Representations: Lists the seller's warranties regarding the property's condition, ownership, and absence of encumbrances
10. Default and Remedies: Outlines what constitutes default and the remedies available to either party
11. Governing Law: Specifies that Philippine law governs the agreement and how disputes will be resolved
12. Execution: Formal closing section with signature blocks and notarization requirements
1. Condition of Property: Used when selling used items to detail the current condition and any known defects
2. Existing Liens: Required if there are any existing liens or encumbrances on the property that need to be disclosed
3. Insurance Requirements: Included when the property requires insurance during the payment period
4. Security Interest: Used when the seller maintains a security interest in the property until full payment
5. Third-Party Rights: Needed if there are any third-party rights or interests that need to be addressed
6. Registration Requirements: Included for properties that require government registration upon transfer
7. Maintenance Requirements: Used for properties that need specific maintenance during the payment period
1. Schedule A - Property Description: Detailed technical specifications, photographs, or documentation of the property
2. Schedule B - Payment Schedule: Detailed breakdown of payment amounts and due dates
3. Schedule C - Delivery Details: Specific instructions for property delivery or transfer
4. Appendix 1 - Condition Report: Detailed report of the property's condition at time of sale
5. Appendix 2 - Title Documents: Copies of relevant title documents or proof of ownership
6. Appendix 3 - Warranties: Any manufacturer's warranties or additional warranty terms
Relevant legal definitions
Clauses
Relevant Industries
Retail
Automotive
Real Estate
Manufacturing
Agriculture
Construction
Industrial Equipment
Consumer Goods
Maritime
Technology
Small Business
Relevant Teams
Legal
Finance
Sales
Procurement
Operations
Compliance
Risk Management
Commercial
Contract Administration
Asset Management
Relevant Roles
Sales Manager
Procurement Manager
Legal Counsel
Contract Administrator
Business Development Manager
Finance Manager
Operations Manager
Compliance Officer
Risk Manager
Property Manager
Asset Manager
Chief Financial Officer
Commercial Director
General Manager
Small Business Owner
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