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Deferment Agreement

Deferment Agreement Template for Austria

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Key Requirements PROMPT example:

Deferment Agreement

"I need a Deferment Agreement under Austrian law for my manufacturing company to postpone a €500,000 equipment payment to our supplier, with the deferred amount to be paid in three equal installments between January and March 2025, including a 5% interest rate."

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Document background
A Deferment Agreement is a crucial legal instrument used when parties need to modify existing payment obligations due to various circumstances such as financial constraints, business restructuring, or temporary cash flow issues. Under Austrian law, this document must comply with the Austrian Civil Code (ABGB) and related commercial regulations, particularly regarding contract modifications and payment terms. The agreement typically includes details of the original obligation, the agreed deferment period, new payment schedules, any applicable interest charges, and consequences of default. It's commonly used in both commercial and consumer contexts, though the requirements and protections may vary depending on the parties involved. The document serves to protect both creditor and debtor interests while providing a legally enforceable framework for the modified payment arrangement.
Suggested Sections

1. Parties: Identification of the parties to the agreement, including full legal names, addresses, and registration details if applicable

2. Background: Description of the original obligation and the circumstances leading to the deferment request

3. Definitions: Key terms used throughout the agreement, including 'Original Agreement', 'Deferred Amount', 'Deferment Period'

4. Original Obligation: Details of the original payment obligation being deferred, including reference to the original agreement

5. Deferment Terms: Specific terms of the deferment, including the new payment schedule and duration

6. Interest and Charges: Any interest or additional charges applicable during the deferment period

7. Payment Conditions: Methods of payment, bank details, and any specific payment requirements

8. Default Provisions: Consequences of failing to meet the deferred payment schedule

9. Representations and Warranties: Basic statements about the parties' capacity and authority to enter into the agreement

10. Governing Law: Confirmation of Austrian law as the governing law and jurisdiction

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Security: Include when additional security is being provided for the deferred amount

2. Guarantor Provisions: Required when a third party is guaranteeing the deferred payments

3. Consent of Third Parties: Include when the original agreement requires third-party consent for modifications

4. Tax Provisions: Include when there are specific tax implications of the deferment that need to be addressed

5. Force Majeure: Include when the deferment is related to extraordinary circumstances that may continue to affect payment ability

6. Regulatory Compliance: Include when the deferment requires specific regulatory notifications or compliance measures

7. Insurance: Include when insurance requirements are affected by the deferment arrangement

Suggested Schedules

1. Schedule 1 - Payment Schedule: Detailed breakdown of the deferred payment dates and amounts

2. Schedule 2 - Original Agreement: Copy or extract of the relevant parts of the original agreement being modified

3. Schedule 3 - Calculation of Interest: If applicable, detailed calculation of interest charges during the deferment period

4. Appendix A - Supporting Documents: Any relevant supporting documentation justifying the deferment request

5. Appendix B - Required Consents: Copies of any third-party consents obtained for the deferment

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking and Financial Services

Real Estate

Manufacturing

Retail

Construction

Healthcare

Technology

Professional Services

Energy

Transportation and Logistics

Agriculture

Education

Hospitality

Non-profit Organizations

Relevant Teams

Legal

Finance

Treasury

Credit Control

Accounts Receivable

Risk Management

Collections

Corporate Affairs

Commercial

Compliance

Relevant Roles

Chief Financial Officer

Finance Director

Credit Controller

Accounts Receivable Manager

Treasury Manager

Legal Counsel

Contracts Manager

Risk Manager

Collections Manager

Financial Analyst

Corporate Lawyer

Debt Recovery Specialist

Business Development Manager

Account Manager

Restructuring Officer

Industries
Austrian Civil Code (ABGB): The fundamental civil law code that governs contractual relationships, particularly §§859-937 regarding contract formation and modification, and §§918-933 regarding contractual obligations and their amendments
Austrian Consumer Protection Act (KSchG): Relevant if one party is a consumer, particularly regarding fair contract terms and consumer rights in payment arrangements
Austrian Commercial Code (UGB): Applicable for commercial transactions between businesses, particularly regarding payment terms and commercial customs
Austrian Interest Rate Act (ZinsG): Governs legal interest rates and maximum permissible interest charges during deferment periods
Austrian Stamp Duty Act (GebG): May apply to written deferment agreements as they constitute legal documents that could be subject to stamp duty
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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