The Incidental Credit Agreement is designed for businesses operating in Malaysia that provide credit facilities to customers in connection with the sale of goods or services. This document becomes relevant when a business offers payment terms or financing options as an incidental part of their main business activities, rather than as a primary lending service. The agreement must comply with Malaysian financial services regulations, particularly the Financial Services Act 2013 and Consumer Protection Act 1999. It includes essential provisions for credit terms, interest calculations, repayment schedules, security arrangements (if any), and default procedures. The document is structured to protect both the credit provider's interests and the customer's rights under Malaysian consumer protection laws, while ensuring transparency in the credit relationship.
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1. Parties: Identification of the credit provider and the customer, including full legal names, registration/identification numbers, and addresses
2. Background: Context of the credit arrangement, including the purpose and nature of the incidental credit facility
3. Definitions: Definitions of key terms used throughout the agreement, including financial and technical terms
4. Credit Facility Details: Specific details of the credit facility, including amount, purpose, and terms of availability
5. Interest and Charges: Details of interest rates, calculation methods, and all applicable fees and charges
6. Repayment Terms: Payment schedule, method of payment, and consequences of early or late payment
7. Security: Details of any security or collateral required for the credit facility
8. Representations and Warranties: Standard declarations by the customer regarding their capacity and authority to enter into the agreement
9. Events of Default: Circumstances constituting default and consequences thereof
10. Termination: Conditions and process for terminating the agreement
11. General Provisions: Standard legal provisions including notices, amendments, governing law, and dispute resolution
1. Insurance Requirements: Required when specific insurance coverage is mandatory for the credit facility
2. Additional Borrower/Guarantor: Used when there are multiple borrowers or guarantors involved
3. Special Conditions: For any unique terms specific to the particular credit arrangement
4. Electronic Communications: When parties agree to use electronic means for notifications and communications
5. Cross-Default Provisions: When the agreement needs to be linked to other credit facilities or agreements
6. Assignment and Transfer: When transfer rights need to be specifically addressed
7. Force Majeure: When protection against unforeseen circumstances is required
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates, amounts, and calculation methods
2. Schedule 2 - Fee Schedule: Comprehensive list of all fees and charges applicable to the credit facility
3. Schedule 3 - Security Details: Detailed description of any security or collateral provided
4. Schedule 4 - Special Terms and Conditions: Any specific terms or conditions unique to this credit arrangement
5. Appendix A - Required Documents: List of documents required for the credit facility
6. Appendix B - Disclosure Statement: Mandatory disclosures required under Malaysian law
7. Appendix C - Interest Calculation Examples: Examples showing how interest and charges are calculated
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