The Credit Terms Agreement Template serves as a foundational document for businesses offering credit facilities in Australia. It is designed to comply with the National Consumer Credit Protection Act 2009, the National Credit Code, and other relevant Australian legislation. This template should be used when establishing new credit relationships with customers or updating existing credit arrangements. It covers essential elements including credit assessment criteria, facility terms, security requirements, privacy provisions, and default procedures. The document is structured to accommodate various business contexts while ensuring regulatory compliance and protecting both the credit provider's interests and customer rights under Australian law. It includes mandatory disclosures and follows best practices in credit management while remaining adaptable to specific business needs and industry requirements.
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1. Parties: Identification of the credit provider and the customer/borrower, including ABN/ACN and registered addresses
2. Background: Context of the credit arrangement and purpose of the agreement
3. Definitions: Key terms used throughout the agreement, including credit-specific terminology
4. Credit Facility Details: Core terms including credit limit, interest rates, and payment terms
5. Application Process: Requirements and procedures for credit applications and assessments
6. Credit Terms and Conditions: Detailed conditions governing the use of the credit facility
7. Payment Terms: Payment obligations, methods, and timing requirements
8. Interest and Fees: Comprehensive breakdown of interest calculations, fees, and charges
9. Default and Consequences: Events of default and the credit provider's rights and remedies
10. Security: General security provisions and requirements
11. Privacy and Information Sharing: Terms regarding handling of customer information and credit reporting
12. Term and Termination: Duration of the agreement and termination provisions
13. General Provisions: Standard legal provisions including notices, amendments, and governing law
1. Personal Guarantee: Required when personal guarantees are needed for business credit facilities
2. Trading Terms: Include for trade credit arrangements specifying specific trading conditions
3. Credit Insurance: Include when credit insurance is required or offered
4. Direct Debit Authority: Include when automatic payment arrangements are offered
5. Special Industry Terms: Include industry-specific terms and conditions where relevant
6. Cross-Security Provisions: Include when multiple credit facilities or cross-collateralization apply
7. Financial Covenants: Include for business credit requiring ongoing financial performance measures
1. Schedule 1 - Fee Schedule: Detailed breakdown of all applicable fees and charges
2. Schedule 2 - Interest Rate Tables: Current interest rates and calculation methods
3. Schedule 3 - Credit Application Form: Standard form for credit applications
4. Schedule 4 - Personal Guarantee Form: Standard form for personal guarantees
5. Schedule 5 - Security Requirements: Detailed security requirements and procedures
6. Appendix A - Privacy Policy: Detailed privacy policy and credit reporting practices
7. Appendix B - Direct Debit Terms: Terms and conditions for direct debit arrangements
Relevant legal definitions
Account
Agreement
Applicable Law
Application
Approved Credit Limit
Australian Consumer Law
Authorized Representative
Available Credit
Business Day
Credit Assessment
Credit Facility
Credit Limit
Credit Provider
Credit Report
Customer
Default Event
Default Interest Rate
Due Date
Effective Date
Facility Term
Finance Charge
Financial Information
Force Majeure Event
GST
Guarantee
Guarantor
Insolvency Event
Interest Rate
Late Payment Fee
Material Adverse Change
Minimum Payment
National Credit Code
Notice
Outstanding Balance
Overdue Amount
Payment Date
Payment Method
Personal Information
PPSA
Privacy Act
Privacy Policy
Related Entity
Security
Security Interest
Statement
Standard Interest Rate
Term
Terms and Conditions
Trading Account
Transaction
Agreement
Applicable Law
Application
Approved Credit Limit
Australian Consumer Law
Authorized Representative
Available Credit
Business Day
Credit Assessment
Credit Facility
Credit Limit
Credit Provider
Credit Report
Customer
Default Event
Default Interest Rate
Due Date
Effective Date
Facility Term
Finance Charge
Financial Information
Force Majeure Event
GST
Guarantee
Guarantor
Insolvency Event
Interest Rate
Late Payment Fee
Material Adverse Change
Minimum Payment
National Credit Code
Notice
Outstanding Balance
Overdue Amount
Payment Date
Payment Method
Personal Information
PPSA
Privacy Act
Privacy Policy
Related Entity
Security
Security Interest
Statement
Standard Interest Rate
Term
Terms and Conditions
Trading Account
Transaction
Clauses
Credit Facility
Credit Assessment
Interest Rates
Payment Terms
Security
Fees and Charges
Default
Enforcement
Representations and Warranties
Privacy and Data Protection
Confidentiality
Credit Reporting
Termination
Assignment
Indemnification
Force Majeure
Dispute Resolution
Governing Law
Notices
Amendment
Severability
Entire Agreement
Consumer Protection
Guarantees
Insurance
Set-off Rights
Financial Covenants
Information Provision
Direct Debit
GST
Anti-Money Laundering
Electronic Communications
Third Party Rights
Credit Assessment
Interest Rates
Payment Terms
Security
Fees and Charges
Default
Enforcement
Representations and Warranties
Privacy and Data Protection
Confidentiality
Credit Reporting
Termination
Assignment
Indemnification
Force Majeure
Dispute Resolution
Governing Law
Notices
Amendment
Severability
Entire Agreement
Consumer Protection
Guarantees
Insurance
Set-off Rights
Financial Covenants
Information Provision
Direct Debit
GST
Anti-Money Laundering
Electronic Communications
Third Party Rights
Relevant Industries
Financial Services
Retail
Wholesale Trade
Manufacturing
Construction
Professional Services
Agriculture
Mining
Technology
Healthcare
Education
Transport and Logistics
Real Estate
Relevant Teams
Legal
Finance
Credit Management
Risk Management
Compliance
Commercial Operations
Treasury
Collections
Customer Relations
Business Development
Contract Administration
Relevant Roles
Credit Manager
Financial Controller
Chief Financial Officer
Credit Analyst
Risk Manager
Commercial Manager
Legal Counsel
Compliance Officer
Account Manager
Business Development Manager
Contract Administrator
Treasury Manager
Collections Manager
Finance Director
Credit Assessment Officer
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