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Purchase Agreement With Payment Plan
"I need a Purchase Agreement with Payment Plan under Philippine law for the sale of industrial equipment worth 鈧5 million, with 20% down payment and 24 monthly installments starting March 2025, including provisions for equipment maintenance and warranty."
1. Parties: Identification and details of the Seller and Buyer, including complete legal names, addresses, and tax identification numbers as required under Philippine law
2. Background: Context of the transaction and brief description of the parties' intent to enter into a purchase agreement with payment plan
3. Definitions: Definitions of key terms used throughout the agreement, including payment-related terminology
4. Subject Matter of Sale: Detailed description of the product(s) or property being sold, including specifications, quantity, and condition
5. Purchase Price: Total purchase price, breakdown of costs, and applicable taxes
6. Payment Terms: Detailed payment plan structure, including down payment, installment amounts, payment schedule, and payment methods
7. Interest and Charges: Interest rates, late payment penalties, and other applicable charges in compliance with Philippine usury laws
8. Delivery and Transfer of Ownership: Terms regarding delivery of goods and when title passes to the buyer
9. Warranties and Representations: Seller's warranties regarding the product and buyer's acknowledgments
10. Default and Remedies: Consequences of payment default and available legal remedies
11. Termination: Circumstances under which the agreement may be terminated and the consequences
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Miscellaneous: Standard provisions including notices, amendments, and severability
1. Security Provisions: Include when additional security for payment is required, such as mortgages or guarantees
2. Insurance Requirements: Include when the nature of the product requires insurance during the payment term
3. Intellectual Property Rights: Include when the purchase involves products with intellectual property components
4. Export/Import Provisions: Include for international sales requiring compliance with Philippine customs laws
5. Maintenance and Support: Include for technical products requiring ongoing maintenance during the payment term
6. Assignment Rights: Include when either party needs the right to assign the agreement to third parties
7. Force Majeure: Include when specific force majeure provisions beyond standard terms are needed
1. Schedule A - Product Specifications: Detailed technical specifications or description of the products being sold
2. Schedule B - Payment Schedule: Detailed breakdown of payment dates, amounts, and applicable interest calculations
3. Schedule C - Delivery Schedule: Timeline and terms for delivery of products, if delivered in installments
4. Schedule D - Warranty Terms: Detailed warranty terms and conditions
5. Appendix 1 - Required Documents: List of documents required for the transaction (e.g., permits, certificates)
6. Appendix 2 - Acceptance Certificate: Form of acceptance certificate to be signed upon delivery
7. Appendix 3 - Security Documents: Forms of any security documents required for the payment plan
Authors
Retail
Manufacturing
Real Estate
Automotive
Construction
Electronics
Industrial Equipment
Furniture and Home Goods
Agricultural Equipment
Technology
Medical Equipment
Legal
Finance
Sales
Procurement
Credit Control
Commercial Operations
Risk Management
Compliance
Business Development
Collections
Sales Manager
Commercial Director
Finance Manager
Credit Controller
Legal Counsel
Procurement Manager
Business Development Manager
Contract Administrator
Chief Financial Officer
Risk Manager
Collections Manager
Account Executive
Compliance Officer
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