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Promise Of Payment Contract

Promise Of Payment Contract Template for Belgium

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Key Requirements PROMPT example:

Promise Of Payment Contract

"I need a Promise of Payment Contract for my manufacturing company as creditor, acknowledging a €75,000 debt from a corporate client, with monthly installments starting March 2025, including security over their equipment and a personal guarantee from their director."

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Document background
The Promise of Payment Contract is a crucial legal instrument in Belgian commercial and civil practice, used when one party needs to formally acknowledge a debt and commit to its repayment. This document type is particularly relevant in situations involving debt restructuring, payment arrangements for outstanding invoices, or formalizing informal lending arrangements. The contract must comply with specific requirements under Belgian law, including the formal requirements of Article 1326 of the Belgian Civil Code. A Promise of Payment Contract typically includes essential information such as the parties' details, the exact amount owed, payment schedule, interest rates if applicable, and any securities or guarantees. It's commonly used in business-to-business transactions, personal lending arrangements, and commercial debt restructuring, providing a clear legal framework for debt acknowledgment and repayment commitments.
Suggested Sections

1. Parties: Identification of the debtor and creditor with full legal names, addresses, and any registration numbers

2. Background: Context of the debt, including its origin and any previous agreements or circumstances leading to this promise of payment

3. Definitions: Key terms used in the agreement, including 'Payment Date', 'Outstanding Amount', 'Interest Rate' if applicable

4. Acknowledgment of Debt: Clear statement of the debt amount (in numbers and words as required by Belgian law) and its origin

5. Payment Terms: Detailed payment schedule, including amount(s), currency, payment method, and due date(s)

6. Interest and Late Payment: Applicable interest rates and consequences of late payment

7. Representations and Warranties: Debtor's confirmation of ability to pay and acknowledgment of the debt's validity

8. Governing Law and Jurisdiction: Confirmation of Belgian law application and competent courts

Optional Sections

1. Security: Details of any collateral or security provided for the debt - include when the payment promise is secured by assets

2. Guarantee: Terms of any third-party guarantee - include when there is a guarantor for the debt

3. Early Payment Provisions: Terms for early repayment options - include when early payment is permitted

4. Default and Acceleration: Consequences of default and acceleration terms - include for larger amounts or commercial contexts

5. Assignment: Rights to assign the debt - include when debt assignment might be relevant

6. Notices: Communication procedures between parties - include for more formal or complex payment arrangements

7. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - include for longer-term payment promises

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment installments, dates, and amounts if multiple payments are involved

2. Original Debt Documentation: Copies of invoices, contracts, or other documents evidencing the original debt

3. Security Documentation: Details and documentation of any security or collateral provided

4. Guarantee Agreement: Copy of guarantee agreement if a third-party guarantee is involved

5. Powers of Attorney: Any relevant authorization documents if parties are signing through representatives

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

Financial Services

Banking

Real Estate

Retail

Manufacturing

Professional Services

Construction

Healthcare

Education

Small Business

Corporate

Non-Profit Organizations

Agriculture

Technology

Relevant Teams

Legal

Finance

Accounts Receivable

Treasury

Credit Control

Risk Management

Corporate Affairs

Accounting

Debt Recovery

Commercial Operations

Administrative

Relevant Roles

Chief Financial Officer

Finance Manager

Accounts Receivable Manager

Credit Controller

Legal Counsel

Corporate Lawyer

Contract Manager

Treasury Manager

Financial Controller

Collections Manager

Risk Manager

Business Development Manager

Company Secretary

Managing Director

Accountant

Finance Director

Debt Recovery Specialist

Industries
Belgian Civil Code Articles 1101-1108: Fundamental provisions regarding the formation and validity of contracts, including essential elements such as consent, capacity, object, and cause
Belgian Civil Code Articles 1234-1235: Provisions regarding the execution and discharge of obligations, particularly relevant for payment obligations
Belgian Civil Code Article 1326: Specific requirements for unilateral promises to pay, requiring handwritten mention of the sum in letters and numbers
Belgian Act on Late Payments in Commercial Transactions: Regulations regarding payment terms and consequences of late payment in commercial contexts
Belgian Statute of Limitations (Article 2262bis Civil Code): Provisions regarding the limitation period for personal actions, typically 10 years for contractual claims
Book VI of the Belgian Code of Economic Law: Contains provisions on consumer protection and fair trading practices, relevant if one party is a consumer
Belgian Law on Financial Security: Regulations regarding financial securities and guarantees that might be relevant for securing the payment promise
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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