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Release Of Payment Agreement

Release Of Payment Agreement Template for Philippines

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Key Requirements PROMPT example:

Release Of Payment Agreement

"I need a Release of Payment Agreement for a full settlement of PHP 500,000 business loan, where ABC Corporation will release XYZ Manufacturing from all further payment obligations upon receiving the lump sum payment by March 15, 2025."

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Document background
A Release of Payment Agreement is a critical document used in the Philippines when one party wishes to formally acknowledge receipt of payment and release another party from further payment obligations. This document type is commonly used in various scenarios including debt settlements, contract completions, or dispute resolutions. The agreement must comply with Philippine civil law requirements and typically includes details of the original obligation, the settlement amount, and the terms of release. It requires proper execution before a notary public and must conform to local documentation requirements. The document serves as conclusive evidence that payment has been received and that the paying party is released from further obligations related to the specified payment or debt.
Suggested Sections

1. Parties: Identification of the parties involved - the Releasor (party providing the release) and the Releasee (party being released from payment obligation)

2. Background: Context of the original debt or payment obligation, including reference to any previous agreements or circumstances leading to the current situation

3. Definitions: Clear definitions of key terms used in the agreement, including 'Release', 'Payment', 'Settlement Amount', etc.

4. Acknowledgment of Payment: Clear statement of the payment amount received or to be received as settlement

5. Release Terms: Specific terms of the release, including the scope of release and what obligations are being discharged

6. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and the validity of the release

7. General Provisions: Standard contract clauses including governing law, entire agreement, and amendment provisions

8. Execution: Signature blocks, notarization requirements, and execution date

Optional Sections

1. Payment Schedule: Include when the release is conditional upon installment payments rather than a single lump sum

2. Conditions Precedent: Include when the release is subject to certain conditions being met before becoming effective

3. Third Party Rights: Include when there are guarantors or other third parties whose rights are affected by the release

4. Confidentiality: Include when parties wish to keep the terms of the settlement confidential

5. Tax Provisions: Include when there are specific tax implications that need to be addressed

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

Suggested Schedules

1. Schedule A - Payment Details: Details of the payment amount, method, and timing (if applicable)

2. Schedule B - Original Debt Documentation: Copies or details of the original debt instruments or agreements being settled

3. Schedule C - Release Confirmation: Form of release confirmation to be issued upon completion of all conditions

4. Appendix 1 - Supporting Documents: Any relevant supporting documents such as board resolutions, powers of attorney, or authorizations

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 & Financial Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Education

Technology

Telecommunications

Relevant Teams

Legal

Finance

Accounts Receivable

Accounts Payable

Treasury

Credit Control

Collections

Risk Management

Corporate Secretariat

Contract Administration

Relevant Roles

Finance Manager

Accounts Receivable Manager

Credit Controller

Legal Counsel

Corporate Secretary

Chief Financial Officer

Accounts Payable Manager

Treasury Manager

Collections Manager

Contract Administrator

Risk Manager

Company Director

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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