The Promise to Pay Agreement serves as a formal acknowledgment of debt and establishment of repayment terms under Canadian jurisdiction. This document is typically used when consolidating existing debts, formalizing informal lending arrangements, or restructuring payment terms for an outstanding obligation. It's particularly valuable in situations where parties need to document a clear repayment schedule and terms, whether in business or personal contexts. The agreement must comply with Canadian federal legislation (such as the Interest Act and Criminal Code provisions on interest rates) and relevant provincial laws governing contracts and consumer protection. It can be used for various debt amounts and types, from business loans to personal debts, and can include provisions for secured or unsecured obligations. The document's flexibility allows it to be customized for specific circumstances while maintaining its enforceability under Canadian law.
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1. Parties: Identifies and defines the Creditor and Debtor with full legal names and addresses
2. Background: Establishes the context of the debt, including its origin and the parties' intention to formalize the repayment arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Acknowledgment of Debt: Clearly states the original debt amount and current amount owing, including any interest accrued to date
5. Payment Terms: Specifies the payment schedule, including payment amounts, frequency, and method of payment
6. Interest Rate: Details the applicable interest rate, how it is calculated, and when it is applied
7. Default Provisions: Outlines what constitutes a default and the consequences of defaulting
8. Representations and Warranties: Statements by the Debtor regarding their ability to pay and the legitimacy of the debt
9. Governing Law: Specifies that the agreement is governed by Canadian law and the applicable province
10. Execution: Signature block and date of agreement
1. Security Interest: Include when the debt is secured by specific assets or collateral
2. Guarantor Provisions: Include when a third party is guaranteeing the debt
3. Prepayment Terms: Include when early payment options are available, including any penalties or benefits
4. Insurance Requirements: Include when the debtor is required to maintain specific insurance coverage
5. Assignment Rights: Include when either party may need to assign their rights under the agreement
6. Acceleration Clause: Include when the creditor wants the right to demand full payment under specific circumstances
7. Dispute Resolution: Include when parties want to specify alternative dispute resolution methods before litigation
1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, amounts, and allocation between principal and interest
2. Schedule B - Collateral Description: Detailed description of any assets securing the debt (if applicable)
3. Schedule C - Original Debt Documentation: Copies or references to original documents establishing the debt
4. Appendix 1 - Calculation of Interest: Detailed explanation of interest calculations and examples
5. Appendix 2 - Notice Requirements: Specific requirements and addresses for serving notices under the agreement
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