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Payment Terms Agreement

Payment Terms Agreement Template for Austria

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Key Requirements PROMPT example:

Payment Terms Agreement

"I need a Payment Terms Agreement under Austrian law for a manufacturing company supplying industrial equipment, with 45-day payment terms, electronic invoicing requirements, and provisions for early payment discounts of 2% if paid within 14 days."

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Document background
The Payment Terms Agreement is a essential commercial document used to establish clear and legally binding payment arrangements between business parties operating under Austrian jurisdiction. It is particularly valuable when parties wish to formalize their payment obligations, timeframes, and processes in compliance with Austrian law and EU regulations. The agreement addresses key aspects such as payment deadlines, late payment consequences, invoicing requirements, and dispute resolution mechanisms, all within the framework of Austrian commercial law. This document type is commonly used in both domestic Austrian transactions and international business relationships where Austrian law governs the arrangement, and it helps prevent payment-related disputes by providing clear terms and procedures upfront.
Suggested Sections

1. Parties: Identification of the contracting parties, including full legal names, registration numbers, and addresses

2. Background: Context of the agreement, existing business relationship, and purpose of establishing payment terms

3. Definitions: Key terms used throughout the agreement, including payment-related terminology

4. Payment Terms: Core payment obligations, including amounts, currencies, and payment deadlines

5. Payment Methods: Approved methods of payment and processing procedures

6. Invoice Requirements: Specifications for invoice format, content, and submission process

7. Late Payment Provisions: Consequences of late payment, including interest rates and recovery costs as per Austrian law

8. Payment Disputes: Procedures for raising and resolving payment-related disputes

9. Term and Termination: Duration of the agreement and conditions for termination

10. Governing Law and Jurisdiction: Confirmation of Austrian law governance and jurisdiction for disputes

11. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments

Optional Sections

1. Credit Terms: Specific credit arrangements and conditions, used when credit facilities are part of the payment arrangement

2. Electronic Invoicing: Specific provisions for electronic invoicing systems and processes, when applicable

3. Currency Exchange: Provisions for handling multiple currencies and exchange rates, when payments involve different currencies

4. Group Company Provisions: Special terms for group companies if the agreement covers multiple related entities

5. Security Provisions: Terms regarding payment security, guarantees, or collateral if required

6. Data Protection: Specific GDPR compliance provisions when payment processing involves personal data

7. Force Majeure: Provisions for payment obligations during extraordinary circumstances

8. Early Payment Discounts: Terms for early payment incentives if offered

Suggested Schedules

1. Schedule 1 - Payment Schedule: Detailed payment amounts, dates, and milestones

2. Schedule 2 - Invoice Template: Standard format and requirements for invoices

3. Schedule 3 - Authorized Bank Accounts: List of approved bank accounts for payments

4. Schedule 4 - Interest Calculation Method: Detailed methodology for calculating late payment interest

5. Schedule 5 - Contact Details: Key contacts for payment processing and dispute resolution

6. Appendix A - Payment Processing Procedures: Step-by-step procedures for payment processing

7. Appendix B - Compliance Requirements: Specific regulatory requirements affecting payments

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

Manufacturing

Retail

Wholesale

Financial Services

Technology

Professional Services

Construction

Healthcare

Energy

Telecommunications

Logistics

E-commerce

Industrial Services

Consumer Goods

Relevant Teams

Finance

Legal

Procurement

Treasury

Accounts Payable

Accounts Receivable

Commercial

Operations

Risk Management

Compliance

Credit Control

Relevant Roles

Chief Financial Officer

Finance Director

Accounts Payable Manager

Accounts Receivable Manager

Treasury Manager

Credit Controller

Financial Controller

Commercial Director

Procurement Manager

Legal Counsel

Contracts Manager

Business Development Manager

Operations Director

Risk Manager

Compliance Officer

Industries
Austrian Civil Code (ABGB): Provides the fundamental principles of contract law, including formation, performance, and termination of contracts, as well as general payment obligations
Austrian Commercial Code (UGB): Governs commercial transactions between businesses, including specific provisions on payment terms and commercial customs
Late Payment Act (ZVG): Implements EU Late Payment Directive, setting rules for payment deadlines, late payment interest, and compensation for recovery costs
EU Late Payment Directive 2011/7/EU: European framework for combating late payment in commercial transactions, implemented in Austrian law
Austrian Consumer Protection Act (KSchG): Relevant if one party is a consumer, containing specific provisions on payment terms and consumer rights
Austrian E-Commerce Act (ECG): Relevant for electronic payment arrangements and online business transactions
Austrian Banking Act (BWG): Relevant for payment processing and banking regulations affecting payment terms
EU General Data Protection Regulation (GDPR): Must be considered for payment-related data processing and storage requirements
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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