The Recurring Payment Agreement serves as a legally binding document under Pakistani law for establishing automated, periodic payment arrangements between parties. It is commonly used when there is a need for regular, scheduled payments for ongoing services or obligations. This agreement type is essential for businesses and service providers in Pakistan who need to establish consistent payment collection mechanisms, whether for subscription services, loan repayments, or regular service fees. The document must comply with the Contract Act 1872, Electronic Transactions Ordinance 2002, and relevant State Bank of Pakistan regulations. It includes crucial elements such as payment terms, processing methods, modification procedures, and termination rights, while ensuring adherence to both conventional banking practices and, where required, Islamic banking principles.
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1. Parties: Identification of all parties to the agreement, including full legal names, addresses, and registration details
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Payment Terms: Detailed description of payment amount, frequency, and due dates
5. Payment Method: Specified method(s) of payment and processing details
6. Duration: Term of the agreement and renewal provisions
7. Authorization: Express authorization for recurring payments and processing
8. Modification of Payments: Process for changing payment amounts or schedules
9. Failed Payments: Procedures for handling failed or rejected payments
10. Termination: Conditions and process for terminating the recurring payment arrangement
11. Notices: Requirements for formal communications between parties
12. Governing Law: Specification of Pakistani law as governing law and jurisdiction
13. Dispute Resolution: Process for resolving disputes under Pakistani law
1. Multiple Payment Methods: Include when agreement allows for alternative payment methods
2. International Payments: Include when payments involve foreign currency or cross-border transactions
3. Security Deposit: Include when a security deposit is required to secure payments
4. Late Payment Charges: Include when specific penalties for late payments are applicable
5. Third-Party Payment Processor: Include when using external payment processing services
6. Force Majeure: Include when parties want protection from unforeseen circumstances affecting payment capability
7. Sharia Compliance: Include when parties require adherence to Islamic banking principles
1. Schedule A - Payment Schedule: Detailed breakdown of payment amounts, frequencies, and due dates
2. Schedule B - Payment Authorization Form: Standard form for bank or payment processor authorization
3. Schedule C - Contact Details: List of key contacts for payment processing and support
4. Appendix 1 - Payment Processing Procedures: Detailed procedures for payment processing and verification
5. Appendix 2 - Required Documentation: List of documents required for payment setup and processing
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