The Payment Schedule Agreement is a crucial document used in UAE commercial transactions when parties need to formalize installment payments or structured payment arrangements. It's particularly relevant when there's a need to document and enforce regular payment obligations, whether arising from commercial debts, service agreements, or other business arrangements. The agreement must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and UAE Federal Law No. 18 of 1993 (Commercial Code), especially regarding payment terms, interest rates, and enforcement mechanisms. This document typically includes detailed payment schedules, methods of payment, default provisions, and remedies, all structured within the framework of UAE law. It's commonly used in business restructuring, vendor payment arrangements, and large commercial transactions where payments are spread over time.
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1. Parties: Identification of all parties to the agreement, including full legal names, addresses, and registration details as per UAE requirements
2. Background: Context of the agreement, including reference to any master agreement or original debt obligation
3. Definitions: Definitions of key terms used throughout the agreement
4. Payment Terms: Core payment obligations, including total amount, currency, and payment frequency
5. Payment Schedule: Detailed breakdown of payment installments, including dates and amounts
6. Method of Payment: Specified payment methods and account details
7. Default and Remedies: Consequences of missed payments and available remedies
8. Interest and Late Payment Charges: Interest calculations and late payment penalties in compliance with UAE Central Bank regulations
9. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority
10. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant courts
11. Notices: Process for formal communications between parties
12. Execution: Signature blocks and execution requirements
1. Early Payment Provisions: Terms for early payment or prepayment, including any applicable discounts
2. Security: Details of any security or guarantee provided to secure the payments
3. Force Majeure: Provisions for handling payment obligations during unforeseen circumstances
4. Assignment: Terms regarding the ability to assign payment rights or obligations
5. Electronic Payment Terms: Specific provisions for electronic payment methods and systems
6. Currency Exchange: Provisions for handling currency conversion if payments involve multiple currencies
7. Confidentiality: Terms regarding the confidentiality of payment information and agreement terms
8. Dispute Resolution: Alternative dispute resolution mechanisms before court proceedings
1. Schedule 1 - Detailed Payment Schedule: Comprehensive table of payment dates, amounts, and running balances
2. Schedule 2 - Bank Account Details: Complete banking information for making payments
3. Schedule 3 - Interest Calculation Methodology: Detailed explanation of how interest is calculated
4. Schedule 4 - Late Payment Charges: Schedule of applicable late payment fees and penalties
5. Appendix A - Required Documentation: List of supporting documents required for payment processing
6. Appendix B - Payment Notification Forms: Standard forms for payment notifications and confirmations
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