The Deferred Payment Agreement serves as a crucial legal instrument in Canadian business operations, providing a formal structure for managing delayed or installment payments of acknowledged debts. This document is particularly valuable when parties need to establish a modified payment schedule for existing obligations, whether in commercial or consumer contexts. It's commonly used in situations where immediate full payment isn't feasible or when businesses want to offer payment flexibility to their customers. The agreement must comply with Canadian federal legislation, including the Interest Act and Criminal Code interest rate provisions, as well as provincial consumer protection and contract laws. Key components include detailed payment schedules, interest calculations, security arrangements (if any), and default provisions. The document can be customized for various business contexts while maintaining its core legal requirements and protections for all parties involved.
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1. Parties: Identification of the creditor and debtor, including full legal names, addresses, and any registration numbers
2. Background: Context of the original debt or obligation and the reason for the deferred payment arrangement
3. Definitions: Key terms used throughout the agreement, including payment-related terminology
4. Acknowledgment of Debt: Clear statement of the total amount owed and acknowledgment by the debtor
5. Payment Terms: Detailed structure of the deferred payment plan, including payment amounts, frequency, and duration
6. Interest Rate: Specification of any applicable interest rates, ensuring compliance with the Interest Act and Criminal Code
7. Method of Payment: Accepted payment methods and payment processing details
8. Default Provisions: Consequences of missed payments and definition of what constitutes default
9. Acceleration Clause: Circumstances under which the full amount becomes immediately due
10. Representations and Warranties: Basic statements of fact and promises made by both parties
11. Notices: How formal communications between parties should be made and delivered
12. Governing Law: Specification of Canadian law and relevant provincial jurisdiction
13. Execution: Signature blocks and execution requirements
1. Security: Include when the deferred payment is secured by specific assets or guarantees
2. Insurance Requirements: Include when insurance is required to secure the payment obligation
3. Early Payment Provisions: Include when early payment options or discounts are offered
4. Assignment: Include when either party needs the right to assign the agreement to other parties
5. Guarantor Provisions: Include when a third party is guaranteeing the payment obligations
6. Force Majeure: Include when specific circumstances might affect payment ability
7. Confidentiality: Include when payment terms or other agreement details should remain confidential
8. Dispute Resolution: Include when specific arbitration or mediation procedures are desired
1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Schedule B - Original Debt Documentation: Copies or details of the original debt agreement or invoices
3. Schedule C - Security Details: Description of any assets or collateral securing the payment obligation
4. Schedule D - Direct Debit Authorization: Banking details and authorization for automatic payments if applicable
5. Appendix 1 - Interest Calculation Method: Detailed explanation of how interest is calculated and applied
6. Appendix 2 - Default Fee Schedule: Schedule of any applicable fees or charges in case of default
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Retail
Manufacturing
Construction
Professional Services
Healthcare
Technology
Real Estate
Education
Wholesale Distribution
Agriculture
Relevant Teams
Legal
Finance
Credit Control
Accounts Receivable
Treasury
Risk Management
Collections
Compliance
Commercial Operations
Sales Operations
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Controller
Accounts Receivable Manager
Legal Counsel
Contract Manager
Credit Risk Manager
Treasury Manager
Collections Manager
Financial Controller
Business Development Manager
Sales Director
Compliance Officer
Risk Manager
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