The Debt Acknowledgement and Repayment Agreement is essential in UAE business practices when parties need to formally document an existing debt obligation and establish clear repayment terms. This document is particularly valuable when converting informal lending arrangements into legally binding agreements, restructuring existing debts, or documenting payment plans for outstanding obligations. It must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and Federal Law No. 18 of 1993 (Commercial Code), while considering Sharia principles regarding financial transactions. The agreement typically includes detailed acknowledgment of the debt amount, origin of the debt, repayment schedule, and consequences of default, making it a crucial tool for debt management and recovery in the UAE.
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1. Parties: Identification of the creditor and debtor with full legal names, addresses, and any registration details for companies
2. Background: Context of how the debt arose and confirmation that the parties wish to formally document the debt and its repayment terms
3. Definitions: Key terms used throughout the agreement including 'Debt Amount', 'Repayment Schedule', 'Default Events', etc.
4. Acknowledgement of Debt: Clear statement of the debt amount, origin, and debtor's unconditional acknowledgement of the obligation
5. Repayment Terms: Detailed terms of repayment including payment amounts, frequency, method of payment, and duration
6. Interest and Charges: Any applicable interest rates and additional charges, ensuring compliance with UAE law and Sharia principles
7. Default Provisions: Consequences of default, including acceleration of debt and enforcement rights
8. Representations and Warranties: Standard declarations by the debtor regarding their ability to pay and the validity of the debt
9. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction of UAE courts
10. Notices: Process for formal communications between parties
11. Execution: Signature blocks and execution requirements
1. Security: Details of any collateral or security provided for the debt
2. Guarantor Provisions: Terms relating to any guarantors of the debt, including their obligations and liability
3. Early Repayment: Terms for early repayment including any applicable discounts or penalties
4. Assignment: Rights to assign the debt or agreement to third parties
5. Insurance: Requirements for insurance of any secured assets or life insurance for the debtor
6. Restructuring Provisions: Terms for potential future restructuring of the debt
7. Force Majeure: Provisions for unforeseen circumstances affecting repayment ability
8. Confidentiality: Terms regarding confidentiality of the agreement and debt details
1. Schedule 1 - Repayment Schedule: Detailed payment schedule showing dates, amounts, and running balance
2. Schedule 2 - Evidence of Debt: Copies of relevant documentation proving the original debt
3. Schedule 3 - Security Details: Details of any security or collateral including registration numbers and valuations
4. Schedule 4 - Guarantor Information: Details of guarantors including their personal/corporate information and executed guarantee forms
5. Appendix A - Payment Methods: Detailed instructions for making payments including bank account details
6. Appendix B - Communication Protocols: Procedures and contact details for formal notices and communications
Relevant legal definitions
Clauses
Parties
Recitals
Definitions
Debt Acknowledgement
Repayment Terms
Payment Obligations
Interest
Security
Default
Acceleration
Representations and Warranties
Covenants
Events of Default
Remedies
Set-off
Assignment
Confidentiality
Force Majeure
Notices
Amendment
Severability
Waiver
Entire Agreement
Counterparts
Governing Law
Jurisdiction
Recitals
Definitions
Debt Acknowledgement
Repayment Terms
Payment Obligations
Interest
Security
Default
Acceleration
Representations and Warranties
Covenants
Events of Default
Remedies
Set-off
Assignment
Confidentiality
Force Majeure
Notices
Amendment
Severability
Waiver
Entire Agreement
Counterparts
Governing Law
Jurisdiction
Relevant Industries
Banking & Financial Services
Real Estate
Construction
Manufacturing
Retail
Professional Services
Healthcare
Education
Hospitality
Trading & Distribution
Technology
Small & Medium Enterprises
Relevant Teams
Legal
Finance
Accounts Receivable
Treasury
Credit Control
Risk Management
Compliance
Corporate Affairs
Collections
Business Development
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Controller
Legal Counsel
Compliance Officer
Accounts Receivable Manager
Collections Manager
Risk Manager
Treasury Manager
Corporate Lawyer
Financial Controller
Business Development Manager
Contract Manager
Managing Director
Chief Executive Officer
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