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Deferment Agreement for Australia

Deferment Agreement Template for Australia

An Australian-law governed agreement that formally documents the postponement of payment or performance obligations between parties. This document establishes new payment terms, timelines, and conditions while preserving the original obligation. It includes provisions for interest calculations, default consequences, and any security arrangements, ensuring compliance with Australian contract law and financial regulations. The agreement provides legal certainty for both creditor and debtor while maintaining enforceability of the underlying obligation under Australian jurisdiction.

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What is a Deferment Agreement?

The Deferment Agreement is a critical legal instrument used in Australian business and financial transactions when parties need to formally modify payment or performance timing without altering the fundamental obligation. This document becomes necessary during financial hardship, business restructuring, or strategic payment rescheduling, providing a legally sound framework under Australian law for managing delayed payments or performance. The agreement typically includes original obligation details, new payment schedules, interest provisions, and enforcement mechanisms, ensuring compliance with Australian contract law, consumer protection regulations, and relevant financial services legislation. A properly structured Deferment Agreement protects both creditor and debtor interests while maintaining clear documentation of the modified arrangements.

What sections should be included in a Deferment Agreement?

1. Parties: Identifies and defines all parties to the agreement

2. Background: Describes the context, including the original obligation being deferred and reason for deferment

3. Definitions and Interpretation: Defines key terms and establishes interpretation principles

4. Original Obligation: Details the nature and terms of the original obligation being deferred

5. Deferment Terms: Specifies the new payment/performance schedule and conditions of deferment

6. Interest and Charges: Outlines any interest, fees or charges applicable during the deferment period

7. Default and Consequences: Describes what constitutes default and its consequences

8. Representations and Warranties: States the parties' assertions about their capacity and authority

9. General Provisions: Contains standard boilerplate clauses including governing law, notices, and amendments

What sections are optional to include in a Deferment Agreement?

1. Security Arrangements: Include when additional security is required for the deferred payment

2. Guarantor Provisions: Include when a guarantor is providing support for the deferred obligation

3. Early Payment Provisions: Include when there are specific terms for early payment or discharge

4. Force Majeure: Include when external events might affect the ability to meet deferred obligations

5. Confidentiality: Include when sensitive commercial or personal information needs protection

6. Assignment and Novation: Include when transfer of rights or obligations needs to be addressed

7. Dispute Resolution: Include when specific dispute resolution procedures are required

What schedules should be included in a Deferment Agreement?

1. Schedule 1 - Payment Schedule: Detailed breakdown of deferred payment amounts and due dates

2. Schedule 2 - Original Agreement: Copy or details of the original agreement being deferred

3. Schedule 3 - Security Details: Details of any security arrangements or assets

4. Schedule 4 - Compliance Requirements: Any ongoing compliance or reporting requirements during deferment

5. Appendix A - Calculation of Interest: Method and examples of interest calculations if applicable

6. Appendix B - Notice Requirements: Forms and procedures for required notices under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Australia

Publisher

Ƶ

Document Type

Payment Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions






























Clauses























Relevant Industries

Financial Services

Banking

Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Education

Technology

Mining

Agriculture

Relevant Teams

Legal

Finance

Credit Control

Treasury

Risk Management

Commercial Operations

Accounts Receivable

Collections

Contract Administration

Corporate Advisory

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Controller

Accounts Receivable Manager

Legal Counsel

Contract Manager

Risk Manager

Treasury Manager

Collections Manager

Commercial Manager

Business Development Manager

Financial Controller

Credit Risk Analyst

Debt Recovery Specialist

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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