Document background
The Installment Purchase Contract is essential for transactions where goods are sold with payments spread over time, commonly used in both business-to-business and business-to-consumer contexts in Ireland. This document type is particularly relevant when dealing with high-value items such as vehicles, machinery, or equipment where immediate full payment isn't practical or desired. It must comply with Irish consumer protection laws, including the Consumer Credit Act 1995 and relevant EU directives, especially regarding credit terms disclosure, consumer rights, and fair contract terms. The agreement typically includes detailed payment schedules, interest calculations, title retention clauses, and specific provisions for default scenarios. It's designed to protect both the seller's interest in securing payment and the buyer's consumer rights under Irish law, while providing clear terms for the transfer of ownership upon completion of payments.
