The Installment Payment Agreement is essential when parties wish to establish a structured payment plan for goods, services, or existing debt under Indonesian law. This document is commonly used in various commercial and consumer transactions where full immediate payment is not feasible or desired. It provides a detailed framework for installment payments, including specific payment dates, amounts, and methods of payment, while ensuring compliance with Indonesian financial regulations and consumer protection laws. The agreement becomes particularly important in scenarios involving significant purchases, debt restructuring, or regular payment arrangements, as it helps prevent misunderstandings and provides legal protection for both the creditor and debtor. It must comply with Indonesian Civil Code requirements and relevant OJK regulations regarding payment terms, interest rates, and consumer rights.
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1. Parties: Identification of the creditor and debtor, including complete legal names, addresses, and any registration numbers
2. Background: Context of the agreement, including the original debt or purchase amount and the parties' intention to establish an installment payment arrangement
3. Definitions: Key terms used throughout the agreement, including Payment Date, Installment Amount, Total Outstanding Amount, etc.
4. Payment Terms: Details of the total amount owed, number of installments, payment frequency, and payment method
5. Payment Schedule: Specific dates when payments are due and the amount of each installment
6. Interest and Fees: Any applicable interest rates, late payment fees, or administrative charges
7. Default and Remedies: Consequences of missed payments, default scenarios, and creditor's rights in case of default
8. Representations and Warranties: Basic declarations by both parties regarding their capacity and authority to enter into the agreement
9. Notices: How formal communications between parties should be made and delivered
10. Governing Law and Jurisdiction: Confirmation of Indonesian law as governing law and jurisdiction for disputes
11. Entire Agreement: Standard clause confirming this document represents the complete agreement between parties
1. Security and Collateral: Required if the installment payment is secured by any assets or guarantees
2. Early Payment Provisions: Include when early payment options or discounts are offered
3. Insurance Requirements: Necessary when insurance is required for secured assets or payment protection
4. Third-Party Guarantor: Include when a guarantor is involved in securing the payment obligations
5. Electronic Payment Terms: Required when payments will be made through specific electronic payment systems
6. Force Majeure: Include when parties want to address circumstances that might prevent payment due to unforeseen events
7. Refinancing Options: Include when the agreement allows for potential refinancing of the remaining balance
8. Assignment Rights: Include when either party may need to transfer their rights under the agreement
1. Schedule 1 - Detailed Payment Schedule: Comprehensive table showing all payment dates, installment amounts, and running balance
2. Schedule 2 - Payment Methods: Details of approved payment methods, account numbers, and payment processing procedures
3. Schedule 3 - Collateral Description: Detailed description of any assets provided as security, including registration numbers and conditions
4. Appendix A - Required Documents: List of supporting documents provided by the debtor (e.g., ID, proof of income, bank statements)
5. Appendix B - Late Payment Fee Structure: Detailed breakdown of applicable fees and charges for late or missed payments
6. Appendix C - Direct Debit Authorization: If applicable, the direct debit authorization form and terms
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