The Installment Purchase Agreement is a crucial document used in Malaysian commercial transactions where goods are purchased through structured payment plans rather than a single lump sum payment. This agreement type is governed by the Hire-Purchase Act 1967 and related Malaysian legislation, making it essential for transactions involving significant assets such as vehicles, machinery, or equipment. The document serves to protect both the seller's security interest and the purchaser's rights while establishing clear terms for payment, ownership transfer, maintenance obligations, and default remedies. It is commonly used in both business-to-business and business-to-consumer contexts, requiring careful attention to Malaysian consumer protection laws and financial regulations.
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1. Parties: Identification and details of the seller/financier and purchaser
2. Background: Context of the transaction and brief description of the purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. Subject Matter: Description of the goods being purchased under installment terms
5. Purchase Price and Payment Terms: Total purchase price, deposit amount, installment amounts, payment schedule, and interest rate
6. Delivery and Acceptance: Terms regarding delivery of goods and acceptance conditions
7. Title and Risk: Provisions regarding transfer of ownership and risk in the goods
8. Purchaser's Obligations: Key obligations including maintenance, insurance, and use restrictions
9. Seller's Representations and Warranties: Warranties regarding goods quality, condition, and title
10. Default and Remedies: Events of default and available remedies including repossession rights
11. Insurance: Mandatory insurance requirements as per Malaysian law
12. Termination: Circumstances and procedures for agreement termination
13. Notices: Requirements for giving notices under the agreement
14. Governing Law and Jurisdiction: Confirmation of Malaysian law application and jurisdiction
1. Guarantor Provisions: Required when a guarantor is involved in securing the purchaser's obligations
2. Early Payment Provisions: Terms for early repayment and any applicable rebates or charges
3. Assignment: Terms regarding the ability to assign rights under the agreement, if permitted
4. Special Maintenance Requirements: For specific types of goods requiring specialized maintenance
5. Import/Export Provisions: Required for goods subject to import/export regulations
6. Installation and Training: Required for complex equipment requiring professional installation or user training
7. Third Party Rights: Required when third party rights need to be addressed or excluded
1. Schedule 1 - Description of Goods: Detailed specification and description of the goods including serial numbers and identifying features
2. Schedule 2 - Payment Schedule: Detailed breakdown of installment payments including dates and amounts
3. Schedule 3 - Delivery Details: Specific delivery instructions, location, and timeline
4. Schedule 4 - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
5. Schedule 5 - Condition Report: Initial condition report of the goods at time of delivery
6. Appendix A - Required Forms: Standard forms required under Malaysian Hire-Purchase Act
7. Appendix B - Warranty Terms: Detailed warranty terms and conditions from manufacturer or seller
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