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Prepayment Agreement

Prepayment Agreement Template for Austria

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Key Requirements PROMPT example:

Prepayment Agreement

"I need a Prepayment Agreement under Austrian law for a manufacturing contract where my company will receive €500,000 upfront from a German business client for custom machinery to be delivered by March 2025, with monthly progress reports required."

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Document background
The Prepayment Agreement is essential in business transactions where one party makes advance payments for goods, services, or projects before their delivery or completion. This document type is particularly relevant in Austria, where it must comply with specific local legal requirements including the ABGB (Austrian Civil Code) and KSchG (Consumer Protection Act). The agreement is commonly used in manufacturing, construction, and retail sectors, providing legal protection for both the paying and receiving parties. It typically includes detailed payment terms, security arrangements, use of prepaid funds, and compliance requirements. The document should be structured to accommodate both business-to-business and business-to-consumer relationships, with additional consumer protection provisions where required under Austrian law.
Suggested Sections

1. Parties: Identification and details of the parties entering into the agreement

2. Background: Context of the agreement and relationship between the parties

3. Definitions and Interpretation: Key terms used in the agreement and rules for interpretation

4. Prepayment Amount and Purpose: Specification of the prepayment amount and its intended use

5. Payment Terms: Details of how and when the prepayment will be made

6. Use of Prepayment: Conditions and restrictions on the use of prepaid funds

7. Security and Collateral: Security arrangements to protect the prepaying party

8. Representations and Warranties: Statements of fact and assurances from both parties

9. Obligations of the Parties: Specific duties and responsibilities of each party

10. Default and Remedies: Consequences and remedies in case of breach or default

11. Term and Termination: Duration of the agreement and termination provisions

12. Governing Law and Jurisdiction: Specification of Austrian law as governing law and jurisdiction

13. General Provisions: Standard legal provisions including notices, amendments, and severability

Optional Sections

1. Consumer Protection Rights: Required when one party is a consumer, including withdrawal rights under KSchG

2. Anti-Money Laundering Compliance: Required for large transactions or when dealing with regulated entities

3. Electronic Execution: Required when the agreement will be signed electronically

4. Tax Provisions: Required when tax implications need specific addressing

5. Interest Calculations: Optional section detailing interest calculations if applicable to the prepayment

6. Currency and Exchange Provisions: Required when dealing with multiple currencies

7. Force Majeure: Optional provisions for unforeseen circumstances affecting performance

8. Confidentiality: Optional when sensitive information is involved in the transaction

Suggested Schedules

1. Payment Schedule: Detailed schedule of prepayment installments if applicable

2. Security Documents: Details of any security or collateral arrangements

3. KYC Requirements: List of required know-your-customer documentation

4. Use of Funds Declaration: Detailed declaration of how prepaid funds will be used

5. Bank Account Details: Specified bank accounts for payments

6. Form of Notices: Template forms for various notices under the agreement

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 legal definitions
Agreement
Prepayment Amount
Prepayment Date
Business Day
Completion Date
Consumer Protection Laws
Default Event
Delivery
Effective Date
Force Majeure Event
Goods
Interest Rate
KYC Documentation
Material Adverse Change
Notice
Payment Schedule
Permitted Purpose
Prepayment Security
Recipient
Refund
Related Documents
Security Interest
Services
Specification
Term
Underlying Transaction
Working Day
Writing
Austrian Business Hours
Applicable Law
Bank Account
Confidential Information
Contract Price
Delivery Schedule
Due Date
Early Termination
Warranties
Loss
Performance Obligations
Regulatory Requirements
Relevant Industries

Manufacturing

Retail

Construction

Technology

Professional Services

Consumer Goods

Industrial Equipment

Real Estate

Energy

Automotive

Electronics

Fashion and Apparel

Machinery and Equipment

Software and IT

Relevant Teams

Legal

Finance

Procurement

Sales

Compliance

Treasury

Credit Control

Commercial

Operations

Risk Management

Business Development

Contract Administration

Relevant Roles

Chief Financial Officer

Finance Manager

Commercial Director

Procurement Manager

Sales Director

Contract Manager

Legal Counsel

Compliance Officer

Treasury Manager

Credit Controller

Account Manager

Business Development Manager

Operations Manager

Risk Manager

Industries
ABGB (Allgemeines Bürgerliches Gesetzbuch): Austrian Civil Code - Forms the basis for contract law, including formation, validity, and enforcement of contracts
KSchG (Konsumentenschutzgesetz): Austrian Consumer Protection Act - Particularly relevant for prepayment agreements with consumers, including withdrawal rights and information obligations
BWG (Bankwesengesetz): Austrian Banking Act - Relevant for financial transactions and payment services regulations
FM-GwG (Finanzmarkt-Geldwäschegesetz): Financial Markets Anti-Money Laundering Act - Applies to financial transactions and necessary due diligence
ZADIG (Zahlungsdienstegesetz): Payment Services Act - Regulates payment services and transactions, including prepayments
EU-DSGVO/GDPR: General Data Protection Regulation - Relevant for handling personal data in the contract
SigG (Signaturgesetz): Electronic Signature Act - Relevant if the prepayment agreement is to be concluded electronically
UGB (Unternehmensgesetzbuch): Austrian Commercial Code - Applies to business-to-business prepayment agreements
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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