The Deferred Payment Agreement is commonly used in commercial transactions where immediate full payment is not feasible or desirable. This document type is particularly relevant in Indian business contexts where parties seek to formalize extended payment arrangements while ensuring compliance with local laws and regulations. The agreement typically details payment schedules, interest calculations, security provisions, and enforcement mechanisms. It is essential for businesses operating under Indian jurisdiction who need to structure payment obligations over time, whether for asset purchases, service contracts, or other commercial arrangements. The document must comply with Indian contract law, financial regulations, and stamp duty requirements, making it a robust instrument for managing credit risk and payment obligations.
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1. Parties: Identification and details of the parties entering into the agreement
2. Background: Context of the agreement, including the underlying transaction or reason for the deferred payment arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Payment Terms: Principal amount, payment schedule, and method of payment
5. Interest: Interest rate, calculation method, and payment frequency
6. Security: Details of any security or collateral provided for the deferred payment
7. Representations and Warranties: Standard representations and warranties from both parties
8. Events of Default: Circumstances constituting default and consequences
9. Remedies: Rights and remedies available to parties in case of default
10. Notices: Process and requirements for serving notices under the agreement
11. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
12. Miscellaneous: Standard boilerplate provisions including amendment, waiver, and severability
1. Guarantee: Include when a third-party guarantee is required for the deferred payment
2. Early Payment Provisions: Include when early payment options or discounts are offered
3. Force Majeure: Include when specific circumstances might affect payment capabilities
4. Assignment: Include when either party needs the right to assign the agreement
5. Insurance: Include when insurance is required for any collateral or security
6. Step-In Rights: Include when lender needs right to take control in specific circumstances
7. Electronic Payments: Include when specific electronic payment mechanisms are being used
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and installments
2. Interest Calculation: Methodology and examples of interest calculations
3. Security Details: Detailed description of security or collateral provided
4. Form of Notice: Template for notices under the agreement
5. KYC Documents: List of required KYC documents from parties
6. Bank Account Details: Specified bank accounts for making and receiving payments
7. Default Interest Calculation: Methodology for calculating interest during default
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Real Estate
Construction
Retail
Information Technology
Telecommunications
Healthcare
Automotive
Energy
Infrastructure
Agriculture
Export/Import
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit Control
Accounts Receivable
Risk Management
Commercial
Procurement
Operations
Company Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Commercial Director
Legal Counsel
Contract Manager
Credit Controller
Treasury Manager
Accounts Receivable Manager
Risk Manager
Company Secretary
Financial Controller
Business Development Manager
Procurement Manager
Operations Director
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