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Non Payment Agreement for Philippines

Non Payment Agreement Template for Philippines

A Non-Payment Agreement under Philippine law is a formal legal document that establishes the terms and conditions under which a creditor agrees to suspend, modify, or forgive payment obligations of a debtor. This document, governed by the Civil Code of the Philippines and related commercial laws, provides a structured framework for managing debt obligations when standard payment terms cannot be met. It includes detailed provisions on debt acknowledgment, payment suspension terms, conditions for reinstatement, and the legal rights and obligations of all parties involved. The agreement must comply with Philippine contract law requirements and typically requires proper execution before a notary public.

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What is a Non Payment Agreement?

The Non-Payment Agreement is a crucial legal instrument in Philippine business and financial transactions, typically used when parties need to formally document the suspension, modification, or forgiveness of payment obligations. This document becomes relevant in situations where a debtor faces difficulties meeting their payment obligations and both parties agree to alter the original payment terms. The agreement must comply with the Civil Code of the Philippines and related commercial laws, requiring careful consideration of contract formation, obligations, and enforcement mechanisms. It's particularly important in debt restructuring scenarios, business reorganizations, or when parties wish to maintain business relationships despite payment difficulties. The document typically includes comprehensive details about the original debt, terms of non-payment, conditions for potential future payment, and the rights and obligations of all parties involved.

What sections should be included in a Non Payment Agreement?

1. Parties: Identification of all parties to the agreement, including their full legal names, addresses, and any registration details

2. Background: Context of the agreement, including the history of the debt and the reasons for entering into a non-payment arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Acknowledgment of Debt: Clear statement of the original debt amount, origin, and current status

5. Agreement to Non-Payment: Specific terms of the non-payment arrangement, including any conditions or circumstances

6. Representations and Warranties: Statements of fact and assurances made by each party

7. Duration and Termination: Period of the agreement and circumstances under which it can be terminated

8. Confidentiality: Obligations regarding the confidentiality of the agreement and its terms

9. Governing Law: Specification that Philippine law governs the agreement

10. Execution: Signature blocks and execution requirements

What sections are optional to include in a Non Payment Agreement?

1. Release of Claims: Include when parties wish to mutually release each other from certain claims related to the debt

2. Future Payment Conditions: Include when there's a possibility of future payment under specific circumstances

3. Security Provisions: Include when existing security arrangements need to be addressed

4. Tax Implications: Include when there are significant tax consequences to address

5. Dispute Resolution: Include when parties want to specify particular dispute resolution mechanisms

6. Third Party Rights: Include when the agreement affects rights of third parties or guarantors

What schedules should be included in a Non Payment Agreement?

1. Schedule 1 - Debt Details: Detailed breakdown of the original debt, including dates, amounts, and any previous payments

2. Schedule 2 - Supporting Documents: List of relevant supporting documents evidencing the original debt

3. Schedule 3 - Related Security Documents: Details of any related security documents if applicable

4. Appendix A - Notice Details: Contact information and notice requirements for all parties

5. Appendix B - Form of Release: Standard form for release of claims if applicable

Authors

Alex Denne

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

Jurisdiction

Philippines

Document Type

Payment Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions
































Clauses


























Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Education

Technology

Agriculture

Import/Export

Small and Medium Enterprises

Relevant Teams

Legal

Finance

Credit Control

Treasury

Risk Management

Compliance

Corporate Affairs

Accounts Receivable

Collections

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Credit Manager

Collections Manager

Legal Counsel

Corporate Secretary

Accounts Receivable Manager

Risk Manager

Treasury Manager

Business Development Manager

Contract Administrator

Debt Recovery Specialist

Corporate Lawyer

Compliance Officer

Financial Controller

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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