The Credit Sale Agreement is a fundamental document used in Belgian commercial practice when a seller provides credit facilities to enable a purchaser to buy goods through installment payments. This agreement type is particularly important in Belgium's commercial landscape, where consumer protection is heavily regulated through both national legislation and EU directives. The document must carefully balance commercial interests with strict regulatory requirements, including mandatory cooling-off periods, information disclosure requirements, and interest rate calculations as prescribed by Belgian law. A Credit Sale Agreement typically includes detailed specifications of the goods being sold, complete credit terms, payment schedules, and any security arrangements, while ensuring compliance with Belgian financial services regulations and consumer protection laws. It's commonly used in both business-to-business and business-to-consumer contexts, though the regulatory requirements differ significantly between these two applications.
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1. Parties: Identification of the credit provider and the purchaser/borrower, including full legal names, addresses, and registration details
2. Background: Context of the credit sale, including the purpose of the credit and brief description of the goods being purchased
3. Definitions: Definitions of key terms used throughout the agreement, including financial and technical terms
4. Sale and Purchase: Details of the goods being sold and purchased, including specifications and delivery terms
5. Credit Terms: Core credit provisions including principal amount, interest rate, term of credit, and total amount payable
6. Payment Terms: Payment schedule, method of payment, and consequences of late or missed payments
7. Interest and Charges: Detailed breakdown of interest calculations, additional charges, and fees
8. Pre-payment Rights: Terms regarding early repayment options and any associated penalties or benefits
9. Representations and Warranties: Statements of fact and promises made by both parties
10. Title and Risk: Provisions regarding when title passes to the purchaser and risk allocation
11. Default and Remedies: Events of default and consequences, including enforcement rights
12. Termination: Circumstances under which the agreement can be terminated and the consequences
13. Notices: How formal communications between parties should be made
14. Governing Law and Jurisdiction: Confirmation of Belgian law as governing law and jurisdiction for disputes
15. Execution: Signature blocks and execution formalities
1. Security Arrangements: Include when additional security is required for the credit, such as guarantees or charges over assets
2. Insurance Requirements: Include when specific insurance must be maintained over the purchased goods
3. Assignment and Transfer: Include when either party needs the right to assign or transfer their rights under the agreement
4. Data Protection: Include when personal data processing goes beyond standard credit checks
5. Force Majeure: Include when protection against unforeseen events is required
6. Third Party Rights: Include when rights are intended to be extended to or enforceable by third parties
7. Cooling-off Period: Include for consumer credit agreements where mandatory cooling-off rights apply
1. Payment Schedule: Detailed amortization table showing payment dates, amounts, and interest calculations
2. Goods Description: Detailed specification of the goods being purchased under the agreement
3. Interest Rate Calculation: Detailed methodology for calculating interest and APR as required by Belgian law
4. Standard European Consumer Credit Information: Mandatory standardized information sheet for consumer credit agreements
5. Security Documents: Forms of any required security documents or guarantees
6. Insurance Requirements: Detailed specifications of required insurance coverage
7. Direct Debit Mandate: Form for setting up automatic payments if applicable
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