The Retail Installment Agreement serves as a crucial document in Indonesian commercial transactions where consumers purchase goods through installment payments. This agreement type is commonly used across various retail sectors and is governed by Indonesian law, particularly Law No. 8 of 1999 on Consumer Protection and OJK regulations concerning financing companies. The document outlines payment terms, interest rates, security arrangements, and consumer rights, ensuring compliance with local financial services regulations. It's essential for businesses offering installment purchase options and must incorporate specific provisions required by Indonesian consumer protection laws, including mandatory disclosures and fair treatment principles. The agreement balances the interests of retailers, financing companies, and consumers while maintaining legal compliance with Indonesian regulatory requirements.
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1. Parties: Identification of the seller/financing company and the buyer/consumer with complete details as required by Indonesian law
2. Background: Context of the retail purchase and installment arrangement
3. Definitions: Key terms used throughout the agreement, including financial terms and Indonesian legal terminology
4. Object of Sale: Detailed description of the goods being sold on installment
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, and payment schedule
6. Interest and Fees: Disclosure of interest rates, administration fees, and other charges as required by OJK regulations
7. Payment Method: Specified payment methods and procedures for installment payments
8. Title and Risk: Transfer of ownership conditions and risk allocation during the installment period
9. Security Interest: Fiduciary security arrangements under Indonesian Fiduciary Security Law
10. Buyer's Obligations: Maintenance, insurance, and other obligations during the installment period
11. Default and Remedies: Events of default and seller's remedies, including repossession rights
12. Termination: Conditions and procedures for early termination or prepayment
13. Governing Law: Confirmation of Indonesian law as governing law
14. Dispute Resolution: Dispute resolution procedures compliant with Indonesian consumer protection regulations
1. Insurance Requirements: Required for high-value items or where mandatory insurance is needed
2. Electronic Communications: Include when agreement involves electronic notices or payments
3. Co-signer Provisions: Required when a guarantee or co-signer is involved in the transaction
4. Delivery Terms: Include for items requiring special delivery arrangements
5. Maintenance Requirements: Include for items requiring specific maintenance during the installment period
6. Return Policy: Include for retail items eligible for return within specific periods
7. Cross-Default Provisions: Include when buyer has multiple agreements with the seller
1. Payment Schedule: Detailed breakdown of installment payments, due dates, and amounts
2. Product Specifications: Detailed description and specifications of the purchased item
3. Interest Calculation Method: Explanation of interest calculation formula and examples
4. Insurance Details: Insurance requirements and coverage details if applicable
5. Delivery Schedule: Delivery terms and schedule if applicable
6. Required Documentation: List of required documents for installment approval and processing
Relevant legal definitions
Clauses
Relevant Industries
Retail
Consumer Electronics
Automotive
Furniture and Home Furnishings
Home Appliances
Consumer Finance
Banking
Insurance
E-commerce
Relevant Teams
Legal
Finance
Retail Operations
Sales
Compliance
Risk Management
Customer Service
Collections
Credit Administration
Document Management
Relevant Roles
Retail Sales Manager
Finance Director
Legal Counsel
Credit Manager
Compliance Officer
Consumer Finance Manager
Retail Operations Manager
Sales Administrator
Contract Administrator
Risk Manager
Customer Service Manager
Collections Manager
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