The Advance Payment Agreement is essential in commercial transactions where significant upfront payments are required before goods are delivered or services are performed. This document type is particularly relevant in Australian business contexts where large-scale projects, custom manufacturing, or specialized services necessitate substantial initial funding. The agreement provides security for the party making the advance payment while enabling the receiving party to access necessary working capital. It includes provisions compliant with Australian legislation, including the Personal Property Securities Act 2009 (Cth) for security interests, and can incorporate various security mechanisms such as bank guarantees, parent company guarantees, or escrow arrangements. The document is commonly used in industries with long lead times, custom orders, or significant capital requirements.
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1. Parties: Identifies and provides full details of all parties to the agreement
2. Background: Sets out the context and purpose of the advance payment arrangement
3. Definitions and Interpretation: Defines key terms and establishes interpretation rules for the agreement
4. Advance Payment Terms: Details the amount, timing, and conditions of the advance payment
5. Purpose and Use of Advance Payment: Specifies how the advance payment may be used and any restrictions
6. Security Arrangements: Outlines the security provided for the advance payment
7. Goods or Services to be Delivered: Describes the goods/services to be provided in exchange for the advance payment
8. Delivery Terms: Specifies timing, method, and conditions of delivery
9. Default and Remedies: Addresses consequences of default and available remedies
10. Representations and Warranties: Lists key promises and guarantees made by each party
11. General Provisions: Standard contract clauses including notices, governing law, etc.
1. Multiple Payment Installments: Include when advance payment is to be made in multiple installments
2. Performance Milestones: Include when release of advance payment is tied to specific milestones
3. Bank Guarantee Provisions: Include when a bank guarantee is required as security
4. Parent Company Guarantee: Include when parent company guarantee is required as additional security
5. Insurance Requirements: Include when specific insurance coverage is required
6. Escrow Arrangements: Include when advance payment is to be held in escrow
7. Foreign Exchange Provisions: Include for international transactions with currency considerations
8. Force Majeure: Include when specific force majeure provisions are needed beyond standard terms
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment amounts, dates, and conditions
2. Schedule 2 - Security Details: Specific details of security arrangements, including any registrations required
3. Schedule 3 - Specification of Goods/Services: Detailed technical specifications of goods or services to be delivered
4. Schedule 4 - Delivery Schedule: Detailed timeline and milestones for delivery
5. Schedule 5 - Form of Bank Guarantee: Template or requirements for bank guarantee if applicable
6. Schedule 6 - Key Personnel: List of key personnel responsible for contract performance
7. Appendix A - Required Documents: List of documents required for verification and compliance
8. Appendix B - Compliance Certificates: Templates or requirements for compliance certificates
Relevant legal definitions
Advance Payment
Advance Payment Amount
Advance Payment Date
Advance Payment Security
Agreement
Applicable Law
Bank Guarantee
Business Day
Commencement Date
Confidential Information
Contract Price
Default Event
Default Interest Rate
Defect
Delivery Date
Delivery Location
Delivery Schedule
Dispute
Effective Date
Escrow Account
Escrow Agent
Force Majeure Event
Goods
GST
Intellectual Property Rights
Interest Rate
Milestone
Parent Company Guarantee
Parties
Payment Schedule
Performance Bond
Project
Purchase Order
Recipient
Refund Event
Security Interest
Services
Specifications
Supplier
Term
Territory
Work Product
Advance Payment Amount
Advance Payment Date
Advance Payment Security
Agreement
Applicable Law
Bank Guarantee
Business Day
Commencement Date
Confidential Information
Contract Price
Default Event
Default Interest Rate
Defect
Delivery Date
Delivery Location
Delivery Schedule
Dispute
Effective Date
Escrow Account
Escrow Agent
Force Majeure Event
Goods
GST
Intellectual Property Rights
Interest Rate
Milestone
Parent Company Guarantee
Parties
Payment Schedule
Performance Bond
Project
Purchase Order
Recipient
Refund Event
Security Interest
Services
Specifications
Supplier
Term
Territory
Work Product
Clauses
Payment Terms
Security Interest
Bank Guarantee
Performance Bond
Delivery Obligations
Default and Remedies
Refund Rights
Interest
Force Majeure
Representations and Warranties
Conditions Precedent
Confidentiality
Assignment
Dispute Resolution
Governing Law
Notices
Term and Termination
Indemnification
Insurance
Compliance with Laws
Anti-Corruption
GST and Taxation
Set-off Rights
Escrow Arrangements
Parent Company Guarantee
Change of Control
Intellectual Property
Record Keeping
Audit Rights
Counterparts
Electronic Execution
Entire Agreement
Amendment
Severability
Time of Essence
Waiver
Security Interest
Bank Guarantee
Performance Bond
Delivery Obligations
Default and Remedies
Refund Rights
Interest
Force Majeure
Representations and Warranties
Conditions Precedent
Confidentiality
Assignment
Dispute Resolution
Governing Law
Notices
Term and Termination
Indemnification
Insurance
Compliance with Laws
Anti-Corruption
GST and Taxation
Set-off Rights
Escrow Arrangements
Parent Company Guarantee
Change of Control
Intellectual Property
Record Keeping
Audit Rights
Counterparts
Electronic Execution
Entire Agreement
Amendment
Severability
Time of Essence
Waiver
Relevant Industries
Manufacturing
Construction
Engineering
Technology
Mining
Defense
Infrastructure
Renewable Energy
Industrial Equipment
Aerospace
Shipping
Large-scale Agriculture
Heavy Machinery
Relevant Teams
Legal
Finance
Procurement
Commercial
Treasury
Risk Management
Operations
Supply Chain
Credit Control
Contracts Administration
Relevant Roles
Commercial Manager
Contract Manager
Procurement Manager
Chief Financial Officer
Finance Director
Legal Counsel
Project Manager
Treasury Manager
Risk Manager
Supply Chain Manager
Operations Director
Commercial Director
Company Secretary
Credit Controller
Financial Controller
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