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Partial Payment Agreement

Partial Payment Agreement Template for Philippines

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Key Requirements PROMPT example:

Partial Payment Agreement

"I need a Partial Payment Agreement for a real estate development company in Manila to pay an outstanding supplier debt of PHP 5,000,000 in monthly installments starting March 2025, with a 5% annual interest rate and collateral provision for construction equipment."

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Document background
The Partial Payment Agreement is a crucial document used in Philippine business and financial transactions when a debtor cannot immediately settle their full outstanding obligation. This agreement, governed by Philippine law and regulated under the Civil Code of the Philippines, provides a structured approach to debt settlement through scheduled partial payments. It's commonly used in situations involving business loans, commercial debts, or substantial financial obligations where immediate full payment isn't feasible. The document includes essential elements such as payment schedules, interest calculations, default provisions, and enforcement mechanisms, all aligned with Philippine legal requirements. It serves as a protective instrument for both creditors and debtors by clearly documenting the modified payment terms while maintaining the enforceability of the original debt obligation.
Suggested Sections

1. Parties: Identifies and provides complete details of the creditor and debtor, including their legal names, addresses, and any relevant registration numbers

2. Background: Explains the context of the original debt, including its nature, original amount, and any previous payment history

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Acknowledgment of Debt: Formal acknowledgment of the total outstanding debt amount by the debtor

5. Payment Terms: Details of the partial payment arrangement, including payment amounts, frequency, and method of payment

6. Payment Schedule: Specific dates or timeframes when payments are due

7. Default Provisions: Consequences of missing payments or breaching the agreement terms

8. Interest and Penalties: Any applicable interest rates and late payment penalties

9. Representations and Warranties: Standard declarations by both parties about their capacity and authority to enter into the agreement

10. Governing Law: Specifies that Philippine law governs the agreement

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Provisions: Include when the partial payment agreement is secured by collateral or guarantees

2. Acceleration Clause: Include when immediate full payment can be demanded upon specific trigger events

3. Insurance Requirements: Include when insurance is required to secure the debt or payments

4. Assignment Rights: Include when either party needs the right to assign the agreement to third parties

5. Electronic Payment Terms: Include when payments will be made through electronic means

6. Force Majeure: Include when parties want to address circumstances beyond their control that might affect payment capability

7. Debt Forgiveness Conditions: Include when part of the debt may be forgiven upon meeting certain conditions

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance

2. Original Debt Documentation: Copies or details of the original debt instruments or invoices

3. Collateral Details: If applicable, detailed description of any security or collateral

4. Authorization Documents: Corporate resolutions or other authorization documents if parties are corporations

5. Statement of Account: Current detailed statement showing total debt computation including any interest or charges

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

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


























Relevant Industries

Banking and Financial Services

Real Estate

Retail

Construction

Manufacturing

Professional Services

Healthcare

Education

Telecommunications

Wholesale Trade

Small and Medium Enterprises

Relevant Teams

Legal

Finance

Credit Control

Accounts Receivable

Treasury

Risk Management

Compliance

Collections

Corporate Secretarial

Business Development

Relevant Roles

Credit Manager

Financial Controller

Collections Officer

Accounts Receivable Manager

Chief Financial Officer

Legal Counsel

Risk Manager

Treasury Manager

Credit Analyst

Debt Recovery Specialist

Finance Director

Business Development Manager

Account Manager

Compliance 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, 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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