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The 30 Day Credit Agreement is a crucial document for businesses operating in the Philippines that extend or receive short-term credit. This template is specifically designed to comply with Philippine commercial law, banking regulations, and the Truth in Lending Act, making it suitable for various business-to-business transactions. The agreement encompasses essential provisions for credit terms, payment obligations, security arrangements, and default remedies, while incorporating mandatory disclosure requirements under Philippine law. It is particularly valuable for businesses seeking to formalize their trade credit arrangements, manage cash flow effectively, and establish clear payment terms with their business partners. The document includes comprehensive protections for both creditor and debtor, reflecting current market practices in the Philippines while ensuring regulatory compliance.

1. Parties: Identification of the creditor and debtor, including complete legal names, addresses, and business registration details if applicable

2. Background: Context of the credit arrangement and the purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement, including 'Credit Period', 'Due Date', 'Default', etc.

4. Credit Terms: Specific details of the credit arrangement including credit limit, interest rates, and payment terms

5. Payment Terms: Details of payment obligations, including due dates, payment methods, and early payment provisions

6. Interest and Charges: Breakdown of interest calculations, late payment charges, and other applicable fees

7. Representations and Warranties: Statements of fact and promises made by both parties regarding their capacity and authority to enter into the agreement

8. Events of Default: Circumstances that constitute default and their consequences

9. Remedies: Actions available to the creditor in case of default

10. Governing Law: Specification of Philippine law as governing law and jurisdiction

11. Execution: Signature blocks and execution formalities