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Payment Terms Agreement

Payment Terms Agreement Template for Belgium

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Key Requirements PROMPT example:

Payment Terms Agreement

"I need a Payment Terms Agreement under Belgian law for my software company that provides SaaS solutions, with 30-day payment terms, electronic invoicing requirements, and early payment discounts of 2% for payments made within 10 days."

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This Payment Terms Agreement template is designed for use in commercial relationships under Belgian law where parties need to establish clear, legally compliant payment arrangements. It is particularly relevant for ongoing business relationships requiring structured payment terms and is commonly used between suppliers and customers, service providers and clients, or in any business relationship involving regular financial transactions. The agreement incorporates key requirements from Belgian legislation, including the Law of August 2, 2002 on Combating Late Payment in Commercial Transactions and the Belgian Civil Code, while providing flexibility to accommodate specific business needs. It addresses essential elements such as payment timing, methods, late payment consequences, invoicing requirements, and dispute resolution mechanisms, making it suitable for both domestic and international commercial transactions subject to Belgian jurisdiction.
Suggested Sections

1. Parties: Identification and details of the contracting parties

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

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

4. Payment Terms: Core payment obligations including payment amounts, currencies, and timing

5. Payment Methods: Accepted methods of payment and processing details

6. Invoice Requirements: Specifications for invoice format, content, and submission process

7. Late Payment: Consequences of late payment including interest rates and penalties as per Belgian law

8. Dispute Resolution: Procedures for handling payment disputes and related issues

9. Term and Termination: Duration of the agreement and conditions for termination

10. Governing Law and Jurisdiction: Confirmation of Belgian law application and jurisdiction

Optional Sections

1. Credit Terms: Include when specific credit arrangements are offered to the paying party

2. Early Payment Discounts: Include when early payment incentives are offered

3. Payment Security: Include when additional security (bank guarantees, letters of credit) is required

4. Electronic Invoicing: Include when parties agree to use electronic invoicing systems

5. Currency Exchange: Include for international payments requiring currency conversion

6. Group Company Provisions: Include when agreement covers payments involving multiple group entities

7. VAT and Tax Provisions: Include detailed tax handling when complex tax arrangements apply

8. Force Majeure: Include when specific payment obligations may be affected by force majeure events

Suggested Schedules

1. Schedule 1 - Payment Schedule: Detailed breakdown of payment amounts and due dates

2. Schedule 2 - Invoice Template: Standard format for invoices including required fields

3. Schedule 3 - Interest Calculation Method: Detailed method for calculating late payment interest

4. Schedule 4 - Authorized Representatives: List of persons authorized to approve payments or handle payment-related matters

5. Appendix A - Electronic Payment Procedures: Technical specifications for electronic payment processing

6. Appendix B - Dispute Resolution Procedures: Detailed procedures for handling payment disputes

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 Industries

Manufacturing

Retail

Wholesale Trade

Construction

Professional Services

Information Technology

Logistics and Transportation

Healthcare

Financial Services

Energy

Telecommunications

Agriculture

Food and Beverage

Real Estate

Engineering

Relevant Teams

Finance

Legal

Procurement

Accounts Receivable

Accounts Payable

Treasury

Commercial Operations

Risk Management

Contract Management

Credit Control

Relevant Roles

Chief Financial Officer

Finance Director

Accounts Receivable Manager

Credit Control Manager

Commercial Director

Procurement Manager

Legal Counsel

Contract Manager

Treasury Manager

Financial Controller

Accounts Payable Manager

Business Development Manager

Operations Director

Risk Manager

Commercial Contracts Manager

Industries
Belgian Civil Code (Code Civil/Burgerlijk Wetboek): Fundamental legislation governing contracts, obligations, and general principles of civil law in Belgium, including basic requirements for valid contracts and payment obligations
Law of August 2, 2002 on Combating Late Payment in Commercial Transactions: Implementation of EU Directive 2011/7/EU, setting rules for payment terms between businesses, default payment periods, and consequences of late payment including interest rates
Belgian Code of Economic Law (Code de droit économique/Wetboek van economisch recht): Comprehensive legislation covering various aspects of business operations, including B2B and B2C transactions, unfair contract terms, and electronic commerce
Law of 17 July 2013 on Electronic Payments: Regulates electronic payment systems, electronic fund transfers, and payment service providers in Belgium
Belgian VAT Code (Code de la TVA/BTW-Wetboek): Regulations regarding VAT obligations, invoicing requirements, and timing of payments including tax-related aspects of commercial transactions
Law of December 15, 2013 on B2B Relationships: Specific regulations governing business-to-business relationships, including provisions on abuse of economic dependence and unfair contract terms
Royal Decree of 18 January 2005 on Electronic Invoicing: Regulations concerning the legal framework for electronic invoicing, including requirements for validity and authenticity
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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