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Payment Waiver

Payment Waiver Template for Austria

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Key Requirements PROMPT example:

Payment Waiver

"I need a Payment Waiver agreement under Austrian law where my company waives a €50,000 supplier debt owed by ABC GmbH, with the waiver to take effect from March 1, 2025."

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Document background
The Payment Waiver is a critical document used in Austrian business and financial transactions when a creditor decides to formally forgo their right to collect a debt. This document type is particularly relevant in debt restructuring scenarios, settlement agreements, or as part of broader commercial arrangements. The agreement must be carefully drafted to comply with Austrian legal requirements, including the ABGB and, where applicable, the KSchG for consumer transactions. A Payment Waiver typically specifies the exact amount being waived, the underlying debt's details, any conditions attached to the waiver, and necessary representations to ensure legal validity. It's commonly used in both corporate and individual contexts, requiring careful consideration of tax implications and potential effects on other business relationships.
Suggested Sections

1. Parties: Identification of the creditor waiving the payment and the debtor benefiting from the waiver

2. Background: Context of the original debt, relationship between parties, and circumstances leading to the waiver

3. Definitions: Key terms used in the agreement, including 'Waived Amount', 'Original Agreement', and any other relevant defined terms

4. Details of Original Debt: Specification of the original debt obligation, including amount, date, and source of the debt

5. Waiver Declaration: Clear and unequivocal statement of the payment waiver, specifying the exact amount being waived

6. Effective Date: When the waiver becomes effective and binding

7. Representations and Warranties: Basic representations about authority to grant waiver and understanding of its consequences

8. Governing Law: Confirmation of Austrian law as governing law

9. Signatures: Execution block for all parties

Optional Sections

1. Conditions Precedent: Used when the waiver is subject to certain conditions being met first

2. Partial Waiver Provisions: Required when only a portion of the debt is being waived

3. Tax Provisions: Include when there are specific tax implications that need to be addressed

4. Corporate Authority: Required for corporate entities, confirming proper authorization for the waiver

5. Remaining Obligations: Include when other obligations between the parties continue to exist

6. Confidentiality: Optional section for keeping the terms of the waiver confidential

7. Consumer Protection Notices: Required when one party is a consumer under Austrian law

Suggested Schedules

1. Original Debt Documentation: Copies of original agreements or documents evidencing the debt

2. Payment History: Record of payments made and outstanding amount being waived

3. Corporate Resolutions: If applicable, corporate approvals authorizing the waiver

4. Calculation of Waived Amount: Detailed breakdown of the amount being waived, including any interest or fees

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 & Financial Services

Real Estate

Manufacturing

Retail

Professional Services

Construction

Technology

Healthcare

Hospitality

Energy

Telecommunications

Transportation & Logistics

Relevant Teams

Legal

Finance

Treasury

Credit Control

Accounts Receivable

Risk Management

Compliance

Corporate Affairs

Business Development

Commercial Operations

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Credit Manager

Accounts Receivable Manager

Treasury Manager

Risk Manager

Commercial Director

Business Development Manager

Debt Collection Officer

Restructuring Officer

Compliance Officer

Financial Controller

Industries
Austrian Civil Code (ABGB): The fundamental civil law code that governs contractual relationships, including provisions on debt forgiveness (§ 1444), contract formation, and general principles of obligations
Austrian Consumer Protection Act (KSchG): Relevant if one party is a consumer, providing special protection and formal requirements for waivers involving consumers
Austrian Commercial Code (UGB): Applicable for payment waivers between businesses, containing specific provisions for commercial transactions
Austrian General Tax Code (BAO): Contains provisions regarding the tax implications of debt waivers and their proper documentation
Austrian Stamp Duty Act (GebG): Governs potential stamp duty obligations that may arise from executing a payment waiver agreement
Austrian Insolvency Code (IO): Relevant if the payment waiver is made in connection with financial distress or potential insolvency proceedings
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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