The Delayed Payment Agreement is a crucial document used in Australian business and commercial contexts when parties need to formalize arrangements for deferred payment of existing debts or obligations. It's particularly relevant in situations where a debtor requires additional time or restructured payment terms to meet their financial obligations. The agreement combines elements of Australian contract law, consumer protection legislation, and financial services regulations to create a legally enforceable payment arrangement. Common scenarios for its use include business cash flow management, supplier payment restructuring, or customer payment plans. The document typically includes detailed payment schedules, interest calculations, default provisions, and any security arrangements, all structured to comply with Australian federal and state legislation.
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1. Parties: Identification of all parties to the agreement, including full legal names, ABNs/ACNs, and registered addresses
2. Background: Context of the agreement, including the original debt or payment obligation and reason for the delayed payment arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Original Debt Acknowledgment: Clear statement of the original debt amount and its origin
5. Payment Terms: Detailed payment structure including installment amounts, payment dates, and payment methods
6. Interest and Fees: Any applicable interest rates and additional fees related to the delayed payment arrangement
7. Default Provisions: Consequences of missing payments and what constitutes a default
8. Representations and Warranties: Standard representations by both parties regarding their capacity and authority to enter the agreement
9. Notices: How formal communications between parties should be made and delivered
10. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and amendments
1. Security: Details of any security provided for the debt - include when the delayed payment is secured by assets
2. Guarantee: Terms of any guarantee provided - include when a third party guarantees the payment obligations
3. Early Payment Provisions: Terms for early payment or early discharge of the debt - include when early payment discounts are offered
4. Insurance Requirements: Any required insurance coverage - include when the payment relates to valuable assets or business interests
5. Dispute Resolution: Specific dispute resolution procedures - include for high-value agreements or complex payment arrangements
6. Force Majeure: Provisions for unforeseen circumstances - include when external factors might affect payment ability
7. Confidentiality: Confidentiality obligations - include when sensitive commercial information is involved
1. Payment Schedule: Detailed breakdown of payment amounts, dates, and installments
2. Original Debt Documentation: Copies or details of the original contracts or invoices creating the debt
3. Security Details: Details of any security provided, including asset descriptions and valuations
4. Direct Debit Authority: If applicable, the direct debit authorization form and terms
5. Guarantee Documentation: If applicable, the guarantee deed or documentation
6. Financial Statement: Current financial position of the debtor (if relevant)
Relevant legal definitions
Agreement
Business Day
Commencement Date
Confidential Information
Default Event
Default Interest Rate
Due Date
Early Payment Discount
Effective Date
Event of Default
Final Payment Date
Force Majeure Event
GST
Initial Payment
Installment
Installment Amount
Installment Date
Interest Rate
Late Payment Fee
Original Debt
Original Due Date
Outstanding Balance
Payment Method
Payment Schedule
Permitted Purpose
Principal Amount
Related Entity
Repayment Period
Representatives
Security
Security Interest
Settlement Date
Standard Interest Rate
Term
Total Amount Payable
Business Day
Commencement Date
Confidential Information
Default Event
Default Interest Rate
Due Date
Early Payment Discount
Effective Date
Event of Default
Final Payment Date
Force Majeure Event
GST
Initial Payment
Installment
Installment Amount
Installment Date
Interest Rate
Late Payment Fee
Original Debt
Original Due Date
Outstanding Balance
Payment Method
Payment Schedule
Permitted Purpose
Principal Amount
Related Entity
Repayment Period
Representatives
Security
Security Interest
Settlement Date
Standard Interest Rate
Term
Total Amount Payable
Clauses
Payment Terms
Interest
Default
Security
Representations and Warranties
Enforcement
Set-Off
Confidentiality
Force Majeure
Assignment
Guarantee
Notices
Termination
Amendment
Dispute Resolution
Governing Law
Severability
Entire Agreement
Further Assurance
Costs and Expenses
Indemnification
Waiver
Time of Essence
GST
Privacy
Electronic Transactions
Anti-Money Laundering Compliance
Authority and Capacity
Interest
Default
Security
Representations and Warranties
Enforcement
Set-Off
Confidentiality
Force Majeure
Assignment
Guarantee
Notices
Termination
Amendment
Dispute Resolution
Governing Law
Severability
Entire Agreement
Further Assurance
Costs and Expenses
Indemnification
Waiver
Time of Essence
GST
Privacy
Electronic Transactions
Anti-Money Laundering Compliance
Authority and Capacity
Relevant Industries
Financial Services
Retail
Manufacturing
Construction
Professional Services
Healthcare
Education
Technology
Real Estate
Wholesale Trade
Mining
Agriculture
Relevant Teams
Finance
Accounts Receivable
Legal
Commercial
Treasury
Credit Control
Collections
Compliance
Risk Management
Customer Relations
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Controller
Accounts Receivable Manager
Commercial Manager
Contract Manager
Treasury Manager
Financial Controller
Credit Risk Manager
Collections Manager
Business Development Manager
Account Manager
Legal Counsel
Compliance Officer
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