The Payment Terms Agreement is a crucial commercial document used to establish clear and legally binding payment obligations between parties conducting business in or under Hong Kong law. This agreement is particularly valuable for ongoing business relationships where regular payments are involved, or where complex payment structures need to be documented. It addresses key aspects such as payment schedules, methods of payment, currencies, late payment consequences, and dispute resolution mechanisms. The document is designed to comply with Hong Kong's commercial law framework, including the Contract Ordinance and Electronic Transactions Ordinance, while providing flexibility to accommodate various business needs and international payment practices. This agreement is essential for risk management and maintaining healthy cash flow in business operations.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Parties: Identification of all parties to the agreement, including full legal names, registration numbers, and registered addresses
2. Background: Context of the agreement, including the business relationship between parties and purpose of establishing payment terms
3. Definitions: Definitions of key terms used throughout the agreement, including payment-related terminology
4. Payment Amount and Currency: Specification of payment amounts, currencies, and any applicable exchange rate mechanisms
5. Payment Schedule: Detailed timeline for payments, including due dates, installment structures if applicable
6. Payment Methods: Approved methods of payment and associated procedures
7. Late Payment Consequences: Interest rates, penalties, and other consequences for late or missed payments
8. Default and Remedies: Definition of payment default and available remedies for the receiving party
9. Term and Termination: Duration of the agreement and conditions for termination
10. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction for disputes
1. Early Payment Discounts: Terms for early payment incentives and calculation of applicable discounts
2. Force Majeure: Provisions for payment obligations during extraordinary circumstances
3. Electronic Payment Systems: Specific terms for electronic payment systems and security requirements
4. Third-Party Payments: Terms governing payments made through or by third parties
5. Dispute Resolution: Detailed procedures for resolving payment-related disputes, including mediation or arbitration
6. Security Arrangements: Terms for any security deposits, guarantees, or collateral
7. Set-off Rights: Rights to set off amounts owed against amounts due
8. Credit Terms: Specific credit arrangements and conditions
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment amounts, dates, and installments
2. Schedule 2 - Interest Rate Calculations: Formulae and examples for calculating late payment interest
3. Schedule 3 - Approved Payment Methods: Detailed procedures for each approved payment method
4. Schedule 4 - Contact Details: List of authorized contacts for payment-related communications
5. Appendix A - Payment Forms: Standard forms or templates for payment processing
6. Appendix B - Bank Account Details: Banking information for authorized payment accounts
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Retail
Wholesale Trade
Professional Services
Technology
Construction
Import/Export
Logistics
Healthcare
Real Estate
Telecommunications
Relevant Teams
Finance
Legal
Procurement
Treasury
Credit Control
Accounts Receivable
Accounts Payable
Commercial Operations
Risk Management
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Director
Accounts Receivable Manager
Credit Controller
Commercial Director
Legal Counsel
Contract Manager
Treasury Manager
Financial Controller
Procurement Manager
Accounts Payable Manager
Risk Manager
Business Development Director
Operations Manager
Find the exact document you need
Rent Move Out Notice Letter
A formal notice letter compliant with Hong Kong law, used by tenants to inform landlords of their intention to vacate a rented property.
Download
Full Employment Contract
A Hong Kong law-governed employment contract establishing the terms and conditions of employment between employer and employee.
Download
Contract For Independent Consultant
A Hong Kong law-governed agreement establishing the terms and conditions between a company and an independent consultant, defining services, payments, and independent contractor status.
Download
Agree To Pay Letter
A Hong Kong law-governed letter documenting a debtor's acknowledgment of debt and commitment to specific payment terms.
Download
Affidavit Of Payment Agreement
A Hong Kong-compliant sworn document that combines an affidavit with a payment agreement, establishing legally binding debt repayment terms.
Download
Land Ownership Agreement
A Hong Kong law-governed agreement for transferring land ownership rights under Hong Kong's leasehold system, detailing property transfer terms and regulatory compliance requirements.
Download
Invoice Word For Consulting Services
A Hong Kong-compliant invoice template for consulting services, including standard billing elements and local regulatory requirements.
Download
Pay Increase Letter To Employee
A formal letter documenting an employee's salary increase under Hong Kong employment law.
Download
Paid Agreement
A Hong Kong law-governed agreement establishing terms and conditions for the provision of goods or services in exchange for payment.
Download
Agreement To Pay
A Hong Kong-law governed agreement that formalizes debt acknowledgment and establishes structured payment terms between creditor and debtor.
Download
Auto Payment Contract
A Hong Kong law-governed agreement establishing terms for automatic payment arrangements between service providers and customers, including payment authorization and processing requirements.
Download
Payment Receipt Doc
A Hong Kong-compliant document that serves as official proof of payment and meets local tax and regulatory requirements.
Download
Agreement Letter For Payment Of Land
A Hong Kong law-governed letter agreement specifying terms and conditions for land payment and transfer between parties.
Download
Settlement Agreement Payment
A Hong Kong law-governed agreement documenting settlement payment terms and conditions to resolve disputes between parties.
Download
Delay Complaint Letter
A formal letter complaining about contractual delays under Hong Kong law, detailing the delay impact and requesting specific remedies.
Download
Partial Payment Agreement
A Hong Kong law-governed agreement establishing terms for partial payment of existing debt through modified payment arrangements.
Download
Packing Invoice
A Hong Kong-compliant commercial document that combines invoice and packing details for international shipments, essential for customs clearance and payment processing.
Download
Promise Promissory Note For Hospital Bill
A Hong Kong law-governed promissory note documenting a patient's legal commitment to pay outstanding hospital bills, including payment terms and conditions.
Download
Payment Schedule Agreement
A Hong Kong law-governed agreement establishing structured payment terms, schedules, and obligations between parties.
Download
Partial Payment Agreement For Lot
A Hong Kong law-governed agreement establishing terms for partial payment purchase of a lot, including payment schedule and transfer conditions.
Download
Partial Payment Agreement For House And Lot
A Hong Kong-compliant agreement establishing terms for purchasing property through structured partial payments, including payment schedule and ownership transfer conditions.
Download
Land Gift Deed
A Hong Kong-compliant legal document for transferring land ownership as a gift, without monetary consideration, subject to local property ordinances and registration requirements.
Download
Final Payment Agreement
A Hong Kong law-governed agreement that sets out terms for final settlement of outstanding financial obligations, including payment terms and debt discharge provisions.
Download
Defect SLA
A Hong Kong law-governed agreement establishing service levels and requirements for defect management and resolution in technical services.
Download
Contract Termination Letter To Vendor
A formal letter governed by Hong Kong law that officially terminates a contractual relationship with a vendor, including termination terms and next steps.
Download
Cash Payment Acknowledgement Receipt
A Hong Kong-compliant receipt document confirming cash payment between parties, including essential transaction details and meeting local regulatory requirements.
Download
Advance Payment Contract
A Hong Kong law-governed contract establishing terms and securities for advance payments before delivery of goods or services.
Download
Advance Payment Agreement
A Hong Kong law-governed agreement setting out terms and conditions for advance payments in commercial transactions, including payment terms, security arrangements, and repayment conditions.
Download
Tripartite Agreement For Home Loan
A Hong Kong law-governed agreement between borrower, bank, and property developer establishing terms for a home loan and property purchase transaction.
Download
Payoff Demand Statement
A Hong Kong-compliant financial document stating the total amount required to fully satisfy a loan obligation, including principal, interest, and fees as of a specific date.
Download
Interim Management Contract
A Hong Kong law-governed agreement establishing terms for temporary management services, including scope, powers, and responsibilities.
Download
Entrenched Articles Of Association
Hong Kong law-governed Articles of Association with entrenched provisions that establish company regulations and protect key constitutional elements.
Download
Cash Payment Agreement
A Hong Kong law-governed agreement setting out terms and conditions for cash payments between parties, including regulatory compliance requirements.
Download
Car Payment Agreement
A Hong Kong law-governed agreement establishing terms for vehicle purchase and payment arrangements, including installment schedule and ownership conditions.
Download
Auto Loan Contract
A Hong Kong law-governed agreement establishing terms for vehicle financing, including loan conditions, security interests, and regulatory compliance requirements.
Download
Agreement Letter For Partial Payment
A Hong Kong law-governed document establishing terms for partial payment of outstanding debt between creditor and debtor.
Download
Contract For Business
A Hong Kong law-governed contract establishing commercial relationships between business entities, incorporating essential business terms and regulatory compliance requirements.
Download
Contract To Pay Back Money
A Hong Kong-governed agreement documenting terms for repayment of borrowed money, including loan amount, payment schedule, and security arrangements.
Download
Pay And Quit Notice
A Hong Kong employment termination document that combines notice of termination with final payment details and clearance requirements.
Download
Letter Authorizing Collection By Proxy
A Hong Kong-compliant authorization letter enabling a designated person to collect items or documents on behalf of another party.
Download
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)