The Payment Plan Agreement Contract is essential for businesses and individuals in Indonesia who need to formalize installment payment arrangements. This document is commonly used when parties agree to spread payments over time, whether for settling existing debts, purchasing goods or services, or restructuring payment obligations. It must comply with Indonesian Civil Code (Kitab Undang-undang Hukum Perdata) requirements and relevant financial regulations, including consumer protection laws when applicable. The agreement typically includes payment schedules, interest calculations, default provisions, and remedies, making it suitable for various commercial and consumer contexts. It's particularly valuable for reducing payment-related disputes by clearly documenting all terms and conditions in accordance with Indonesian law.
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1. Parties: Identifies and provides full details of all parties to the agreement, including legal names, addresses, and registration numbers for companies
2. Background: Sets out the context of the agreement, including the original debt or purchase amount, and why a payment plan is being established
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Payment Terms: Details the total amount owed, installment amounts, payment frequency, and payment methods
5. Payment Schedule: Specifies the exact dates or timing of payments and how they will be applied to the outstanding balance
6. Interest and Fees: Outlines any applicable interest rates, late payment fees, or administrative charges
7. Default Provisions: Describes what constitutes a default and the consequences of missing payments
8. Representations and Warranties: Statements from both parties about their capacity and authority to enter into the agreement
9. Notices: Specifies how and where official communications between parties should be sent
10. Governing Law: Confirms that Indonesian law governs the agreement and specifies jurisdiction for disputes
11. Execution: Signature blocks and execution requirements for all parties
1. Security: Include when the payment plan is secured by collateral or guarantees
2. Early Payment Provisions: Include when early payment discounts or penalties apply
3. Force Majeure: Include when parties want to address circumstances beyond their control that might affect payment ability
4. Insurance Requirements: Include when insurance must be maintained on collateral or other assets
5. Assignment: Include when either party may need to transfer rights under the agreement
6. Confidentiality: Include when payment terms or other aspects need to remain confidential
7. Debt Acknowledgment: Include when formal acknowledgment of the original debt is required
8. Electronic Payments: Include when specific electronic payment systems or platforms will be used
1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Schedule B - Collateral Details: Description and documentation of any assets provided as security
3. Schedule C - Payment Methods: Specific details of approved payment methods and processing information
4. Appendix 1 - Original Debt Documentation: Copies of invoices, contracts, or other documents evidencing the original debt
5. Appendix 2 - Party Information: Detailed information about the parties, including registration documents for companies
6. Appendix 3 - Special Conditions: Any special terms or conditions specific to this payment plan
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