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Payment Waiver

Payment Waiver Template for New Zealand

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Key Requirements PROMPT example:

Payment Waiver

"I need a Payment Waiver agreement for a consumer auto loan that includes provisions for payment suspension in cases of medical emergencies or job loss, with the waiver period to commence from January 2025."

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Document background
The Payment Waiver agreement is utilized in New Zealand when parties seek to formally modify payment obligations under an existing credit arrangement. This document is particularly relevant in situations where a borrower may require temporary or permanent relief from payment obligations due to specified circumstances, such as financial hardship, illness, or other agreed triggers. The agreement must comply with New Zealand's regulatory framework, including the Credit Contracts and Consumer Finance Act 2003, Contract and Commercial Law Act 2017, and Fair Trading Act 1986. It typically includes detailed terms about the scope of the waiver, conditions for its application, duration, and any associated costs or requirements. The Payment Waiver agreement serves as a critical risk management tool for lenders while providing borrowers with clearly defined relief options under specified circumstances.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement, including the creditor/lender and the debtor/borrower

2. Background: Sets out the context of the agreement, including reference to the underlying credit contract or financial obligation

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpretation

4. Waiver Terms: Details the specific obligations being waived, including amount, duration, and circumstances

5. Conditions for Waiver: Specifies the conditions that must be met for the waiver to become and remain effective

6. Payment Terms: Outlines any fees or charges associated with the waiver and payment schedules if applicable

7. Duration and Termination: Specifies the term of the waiver agreement and circumstances for early termination

8. Representations and Warranties: States the representations and warranties made by each party

9. Notices: Specifies how and where formal notices under the agreement must be given

10. General Provisions: Contains standard boilerplate clauses including governing law, entire agreement, and amendment provisions

Optional Sections

1. Third Party Rights: Include when there are guarantors or other third parties with rights under the agreement

2. Insurance Requirements: Include when the waiver is conditional upon maintaining certain insurance coverage

3. Reporting Requirements: Include when ongoing financial or status reporting is required from the debtor

4. Security: Include when specific security arrangements are required for the waiver

5. Dispute Resolution: Include when specific dispute resolution procedures are required beyond standard court jurisdiction

6. Confidentiality: Include when there are specific confidentiality requirements beyond standard privacy obligations

Suggested Schedules

1. Schedule 1 - Payment Details: Details of the original payment obligations and the modified terms under the waiver

2. Schedule 2 - Waiver Conditions: Detailed list of conditions that must be satisfied for the waiver to apply

3. Schedule 3 - Required Documentation: List of documents required to be provided by the debtor to support the waiver

4. Appendix A - Original Credit Contract: Copy or details of the original credit contract or financial obligation being modified

5. Appendix B - Notice Forms: Template forms for various notices required under the agreement

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions



































Clauses































Relevant Industries

Banking and Financial Services

Consumer Finance

Retail Finance

Automotive Finance

Equipment Finance

Commercial Lending

Insurance

Credit Services

Asset Finance

Mortgage Lending

Relevant Teams

Legal

Finance

Risk Management

Compliance

Credit Assessment

Collections

Customer Service

Operations

Treasury

Underwriting

Relevant Roles

Credit Manager

Financial Services Manager

Risk Manager

Legal Counsel

Compliance Officer

Collections Manager

Account Manager

Credit Analyst

Financial Controller

Lending Manager

Contract Administrator

Credit Risk Officer

Customer Service Manager

Operations Manager

Chief Financial Officer

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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