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Recurring Payment Agreement

Recurring Payment Agreement Template for Austria

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Key Requirements PROMPT example:

Recurring Payment Agreement

"I need a Recurring Payment Agreement for my software company based in Vienna, providing SaaS services to business clients with monthly subscription payments starting from March 2025, including provisions for payment processor integration and automatic renewal terms."

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Document background
The Recurring Payment Agreement is essential for businesses operating in Austria that need to establish automated, regular payment arrangements with their customers or service providers. This document is commonly used for subscription services, regular billing arrangements, or ongoing service contracts where periodic payments are required. It must comply with Austrian legal requirements, particularly the Austrian Payment Services Act (ZaDiG 2018) and the Austrian Civil Code (ABGB), while also adhering to EU regulations such as GDPR and consumer protection laws. The agreement typically includes detailed payment terms, processing methods, modification procedures, and termination rights, making it suitable for both business-to-business and business-to-consumer relationships. It's particularly relevant in today's digital economy where automated payment solutions are increasingly common.
Suggested Sections

1. Parties: Identification of the parties entering into the agreement, including full legal names, registration details for companies, and addresses

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

3. Definitions: Definitions of key terms used throughout the agreement

4. Payment Terms: Details of the recurring payment amount, frequency, and payment dates

5. Payment Method: Specified payment mechanism and processing details

6. Duration and Renewal: Term of the agreement and conditions for renewal or extension

7. Modification of Payment Terms: Process for changing payment amounts or schedules

8. Termination Rights: Conditions under which either party may terminate the recurring payment arrangement

9. Failed Payments: Procedures for handling failed or rejected payments

10. Data Protection: GDPR compliance provisions regarding payment and personal data processing

11. Notices: How formal communications between parties should be made

12. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction

Optional Sections

1. Consumer Protection Provisions: Additional protections required when one party is a consumer - include when agreement is B2C

2. Currency Conversion: Terms for handling currency conversion if payments are made in multiple currencies

3. Third-Party Payment Processors: Terms relating to the use of payment processing services - include when using external payment processors

4. Service Level Requirements: Performance standards for payment processing - include for high-value or time-critical payment arrangements

5. Regulatory Compliance: Specific compliance requirements for regulated industries - include when parties are in regulated sectors

6. Force Majeure: Provisions for handling payment obligations during extraordinary circumstances - include for long-term agreements

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment amounts, dates, and frequency

2. Direct Debit Authorization: Formal authorization for direct debit arrangements if applicable

3. Technical Requirements: Technical specifications for payment processing and systems integration

4. Contact Details: List of key contacts and escalation procedures for payment-related issues

5. Fee Schedule: Breakdown of any additional fees or charges that may apply

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
Authorized Account
Banking Day
Billing Cycle
Billing Date
Business Day
Commencement Date
Confidential Information
Contract Year
Due Date
Effective Date
Failed Payment
Force Majeure Event
Initial Term
Late Payment
Payment Amount
Payment Date
Payment Details
Payment Frequency
Payment Method
Payment Period
Payment Processor
Payment Schedule
Payment Services
Payment Terms
Personal Data
Processing Fee
Recurring Payment
Renewal Period
Service Fee
Service Provider
Services
Term
Termination Date
Transaction
Variable Payment
Relevant Industries

Financial Services

Software and Technology

Utilities

Telecommunications

Insurance

Property Management

Professional Services

Subscription Services

Media and Entertainment

Education

Healthcare Services

Facility Management

Relevant Teams

Legal

Finance

Compliance

Account Management

Operations

Treasury

Customer Service

Billing

Risk Management

Payment Operations

Accounts Receivable

Relevant Roles

Finance Manager

Legal Counsel

Compliance Officer

Account Manager

Business Development Manager

Contract Administrator

Financial Controller

Treasury Manager

Operations Manager

Risk Manager

Customer Service Manager

Billing Coordinator

Payment Operations Specialist

Accounts Receivable Manager

Industries
Austrian Civil Code (ABGB): The fundamental civil law code that governs contract formation, validity, and general contractual obligations in Austria
Austrian Payment Services Act (Zahlungsdienstegesetz, ZaDiG 2018): Regulates payment services and implements EU Payment Services Directive (PSD2), covering requirements for recurring payment arrangements
Consumer Protection Act (Konsumentenschutzgesetz, KSchG): Provides specific protections for consumers in contractual relationships, including rules about payment terms and cancellation rights
General Data Protection Regulation (GDPR): EU regulation governing personal data processing, relevant for handling payment information and customer data
E-Commerce Act (E-Commerce-Gesetz, ECG): Relevant if the agreement is concluded electronically, providing requirements for electronic contracts and transactions
Austrian Banking Act (Bankwesengesetz, BWG): Relevant for payment processing aspects and banking regulations that might affect payment arrangements
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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