The Deferred Payment Agreement is a crucial document used when parties need to formalize arrangements for paying an existing debt over time. This document type is particularly relevant in Austrian business and commercial contexts, where it must comply with specific local regulations including the ABGB (Austrian Civil Code) and UGB (Austrian Enterprise Code). It's commonly used in situations where immediate full payment isn't feasible or when restructuring existing payment obligations. The agreement typically includes detailed payment schedules, interest calculations, default provisions, and any applicable security arrangements. A Deferred Payment Agreement is essential for both creditors seeking to secure their interests and debtors requiring formal documentation of payment terms. It's particularly valuable in commercial transactions, debt restructuring, and vendor-client relationships where extended payment terms are necessary.
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1. Parties: Identification and details of the creditor and debtor, including full legal names, registration numbers (if applicable), and addresses
2. Background: Context of the original debt or obligation and circumstances leading to this deferred payment arrangement
3. Definitions: Key terms used throughout the agreement, including payment-related terminology
4. Original Debt Acknowledgment: Clear statement of the original debt amount and its origin
5. Payment Terms: Detailed structure of the deferred payment plan, including installment amounts and due dates
6. Interest: Interest rate applicable to the deferred payments, calculation method, and charging periods
7. Payment Method: Specified payment mechanisms and account details for making payments
8. Default Provisions: Consequences of missing payments, including default interest and acceleration clauses
9. Representations and Warranties: Statements by the debtor regarding their financial situation and ability to pay
10. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction for disputes
1. Security: Details of any collateral or guarantees provided to secure the debt - include when additional security is being provided
2. Early Payment Provisions: Terms for early repayment options and any associated discounts - include when early repayment is permitted
3. Financial Covenants: Ongoing financial obligations of the debtor - include for business debtors or larger amounts
4. Insurance Requirements: Obligations to maintain insurance on any secured assets - include when security is provided
5. Assignment and Transfer: Rights to assign or transfer the agreement - include for business contexts or when requested by the creditor
6. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - include for longer-term payment plans
7. Debt Restructuring Provisions: Framework for potential future restructuring - include for business debtors or complex arrangements
1. Payment Schedule: Detailed table of payment dates, amounts, and running balance
2. Original Debt Documentation: Copies or references to documents evidencing the original debt
3. Security Documentation: Details of any security or collateral arrangements
4. Direct Debit Authorization: If applicable, the direct debit mandate and banking details
5. Guarantor Information: If applicable, details of any guarantors and their obligations
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Retail
Manufacturing
Construction
Real Estate
Professional Services
Healthcare
Technology
Wholesale Trade
Energy
Telecommunications
Relevant Teams
Legal
Finance
Credit Control
Treasury
Accounts Receivable
Risk Management
Commercial
Collections
Business Development
Compliance
Relevant Roles
Chief Financial Officer
Finance Director
Credit Controller
Accounts Receivable Manager
Treasury Manager
Commercial Director
Legal Counsel
Contracts Manager
Risk Manager
Collections Manager
Financial Controller
Credit Risk Analyst
Debt Recovery Specialist
Business Development Manager
Account Manager
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