The Supplier Credit Agreement is a crucial commercial document used when a supplier wishes to extend credit terms to a buyer for the purchase of goods or services in Hong Kong. This arrangement is particularly common in business-to-business transactions where significant purchase amounts are involved or where ongoing supply relationships require flexible payment terms. The agreement, governed by Hong Kong law, combines elements of both supply and credit arrangements, detailing payment schedules, interest calculations, and security requirements. It incorporates necessary provisions to comply with Hong Kong's financial regulations, contract law, and commercial practices. The document is essential for businesses looking to maintain competitive supplier relationships while managing cash flow and credit risk effectively.
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1. Parties: Identification of the supplier (creditor) and buyer (debtor), including full legal names and registration details
2. Background: Context of the agreement, including the supplier's business, buyer's requirements, and basis for the credit arrangement
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules of interpretation
4. Credit Facility: Details of the credit amount, purpose, and availability period
5. Supply Terms: Terms and conditions related to the supply of goods or services
6. Interest and Fees: Interest rate, calculation method, fees, and charges applicable to the credit facility
7. Repayment Terms: Repayment schedule, payment methods, and prepayment provisions
8. Conditions Precedent: Conditions that must be satisfied before the credit facility becomes available
9. Representations and Warranties: Statements of fact and assurances given by the buyer
10. Covenants: Ongoing obligations of the buyer during the term of the agreement
11. Events of Default: Circumstances constituting default and consequences thereof
12. Termination: Circumstances and process for terminating the agreement
13. General Provisions: Standard legal provisions including notices, amendments, governing law, etc.
1. Security: Include when specific assets or guarantees are required as security for the credit facility
2. Insurance: Include when insurance requirements are imposed on the supplied goods or buyer's business
3. Tax Provisions: Include when specific tax arrangements or implications need to be addressed
4. Force Majeure: Include when specific force majeure provisions beyond standard terms are required
5. Intellectual Property: Include when IP rights are relevant to the supplied goods or services
6. Confidentiality: Include when detailed confidentiality provisions are required beyond standard terms
7. Assignment and Transfer: Include when rights to assign or transfer the agreement need specific regulation
8. Dispute Resolution: Include when specific dispute resolution mechanisms (mediation, arbitration) are preferred
1. Supply Schedule: Detailed description of goods/services to be supplied, including specifications and quantities
2. Payment Schedule: Detailed repayment schedule including dates, amounts, and calculation methods
3. Interest Rate Calculation: Detailed methodology for calculating interest, including examples
4. Security Details: Detailed description of any security arrangements, including asset lists or guarantees
5. Form of Drawdown Notice: Template for requesting drawdown under the credit facility
6. Conditions Precedent Documents: List of required documents and conditions to be satisfied
7. Contact Details: Contact information for key personnel and authorized representatives
8. Compliance Certificates: Templates for periodic compliance certificates required under the agreement
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Wholesale Trade
Retail
Construction
Technology
Industrial Equipment
Electronics
Automotive
Textiles
Food and Beverage
Pharmaceuticals
Chemical Industry
Mining
Agriculture
Energy
Relevant Teams
Legal
Finance
Procurement
Supply Chain
Treasury
Risk Management
Commercial Operations
Accounts Payable
Credit Control
Compliance
Relevant Roles
Chief Financial Officer
Finance Director
Procurement Manager
Supply Chain Manager
Credit Controller
Commercial Director
Legal Counsel
Contracts Manager
Risk Manager
Treasury Manager
Accounts Payable Manager
Purchasing Director
Financial Controller
Company Secretary
Operations Director
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