A Deferred Payment Agreement is utilized when parties need to establish a formal structure for paying an existing debt in installments rather than as a lump sum. This document type is particularly relevant in the Belgian business environment, where it must comply with both national and EU regulations regarding payment terms and commercial transactions. The agreement should be used when there's a need to document extended payment terms, whether in a business-to-business or business-to-consumer context. It typically includes essential elements such as the original debt amount, payment schedule, interest calculations, and any security arrangements, all structured to comply with Belgian law. The document is crucial for risk management and provides legal certainty for both creditor and debtor, incorporating specific provisions required under Belgian financial regulations and the Civil Code.
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1. Parties: Identification of the parties entering into the agreement, including full legal names, registration numbers, and registered addresses
2. Background: Context of the agreement, including the original debt or obligation and the reason for the deferred payment arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Original Debt Amount: Statement of the original amount owed and its origin
5. Payment Terms: Detailed payment schedule, including amounts, dates, and method of payment
6. Interest: Interest rate applicable to the deferred payments and calculation method
7. Default and Remedies: Consequences of missing payments and remedies available to the creditor
8. Representations and Warranties: Standard declarations by both parties about their capacity and authority to enter into the agreement
9. Governing Law and Jurisdiction: Specification of Belgian law as governing law and designation of competent courts
10. Notices: Process for formal communications between parties
11. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Security: Details of any collateral or security provided to guarantee the deferred payments - include when security is being provided
2. Personal Guarantee: Terms of any personal guarantee provided - include when there is a guarantor
3. Early Payment Provisions: Terms for early repayment including any discounts or penalties - include when early payment is permitted
4. Insurance Requirements: Obligations to maintain insurance on any secured assets - include when there is security over physical assets
5. Tax Provisions: Specific tax considerations and obligations - include when tax implications are significant or when parties are in different jurisdictions
6. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - include when requested by debtor
7. Assignment: Rights to assign the agreement to third parties - include when assignment rights are important to either party
1. Payment Schedule: Detailed table of payment dates, amounts, and running balance
2. Original Debt Documentation: Copies or details of the original agreements or invoices giving rise to the debt
3. Security Documents: Details and copies of security agreements, if applicable
4. Direct Debit Authorization: Form for automatic payment setup, if applicable
5. Guarantee Documentation: Personal or corporate guarantee documents, if applicable
6. Asset Schedule: List and description of any assets provided as security
7. Contact Details: Detailed contact information for all relevant parties and their representatives
Authors
Relevant legal definitions
Clauses
Relevant Industries
Retail
Manufacturing
Construction
Professional Services
Wholesale Trade
Real Estate
Information Technology
Healthcare
Transportation and Logistics
Financial Services
Agriculture
Energy
Relevant Teams
Legal
Finance
Credit Control
Treasury
Accounts Receivable
Risk Management
Commercial
Operations
Procurement
Collections
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Credit Controller
Accounts Receivable Manager
Treasury Manager
Commercial Director
Risk Manager
Legal Counsel
Contracts Manager
Collections Manager
Financial Controller
Business Development Manager
Account Manager
Operations Director
Procurement Manager
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