Regulations on Installment Purchases
Based on the information you provided, this can be understood as a form of deferred or installment purchase under the law.
According to Article 453 of the Civil Code 2015 regarding deferred or installment purchases:
- The parties may agree that the buyer will pay the purchase price on a deferred or installment basis over a period of time after receiving the purchased asset. The seller reserves ownership of the sold asset until the buyer makes full payment, unless otherwise agreed.
- A contract for a deferred or installment purchase must be made in writing. The buyer has the right to use the asset purchased on a deferred or installment basis and bears the risk during the period of use, unless otherwise agreed.
=> Thus, fundamentally, this type of purchasing is primarily based on mutual agreement between the parties involved.
The above is the response concerning deferred or installment purchasing.
Sincerely!
