A Late Payment Agreement becomes necessary when a debtor has failed to meet original payment obligations and both parties wish to establish a formal arrangement for settling the outstanding debt. This document, governed by English and Welsh law, typically includes details of the original debt, new payment schedules, interest calculations, and default provisions. It provides legal certainty and protection for both parties while ensuring compliance with relevant legislation such as the Late Payment of Commercial Debts (Interest) Act 1998 and associated regulations.
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1. Parties: Identification and details of the creditor and debtor
2. Background: Context of the original debt and circumstances leading to late payment
3. Definitions: Key terms used throughout the agreement
4. Original Debt Details: Amount, origin, and due date of the original debt
5. Payment Terms: New payment schedule, amounts, and deadlines
6. Interest Calculations: Applicable interest rates and calculation method
7. Default Provisions: Consequences of failing to meet new payment terms
8. Signatures: Execution blocks for all parties
1. Security Provisions: Details of any collateral or guarantees - include when additional security is being provided
2. Third Party Guarantors: Details of guarantors and their obligations - include when a guarantee is part of the arrangement
3. Early Payment Provisions: Terms for early settlement - include when early payment options are offered
4. Debt Recovery Costs: Allocation of costs incurred in debt collection - include when recovery costs are to be charged
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Interest Calculation Schedule: Detailed methodology for interest calculations
3. Original Debt Documentation: Copies of relevant invoices or original agreements
4. Security Documentation: Details of any security arrangements or guarantees
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